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
Monopoly
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