What's it: a monopoly is a market structure with only one seller and serving many buyers. The seller is called a monopolist. Unlike in perfectly competitive markets, the monopolist has absolute control over market supply and prices. Since there
Monopoly
Market Power: Determining Factors, Effects, How to Measure
What's it: Market power is the firm's ability to influence its products' prices in the market. Market power enables firms to charge a higher price than the equilibrium price in a competitive market. We call companies having market power as
Price Discrimination: Meaning, Types, Effects
Price discrimination refers to the practice of charging different prices to different buyers for the same product. Even though the quality and cost of production are the same, the company tries to take advantage of various market needs, for example,