Market power

In economies, market power is the ability of a firm to alter the market price of a good or service. A firm with market power can raise prices without losing all costumers to competitors.

When one buyer or seller in a market has the ability to exert significant influence over the quantity of goods and servicestrade or the price at which they are sold. Market power does not exist when there is perfect competition, but it does when there is a monopoly,monopsony or oligopoly.

  1. firm with market power can :
  2. Beats its competitors
  3. Create perfect competition
  4. Buy cheap materials
  5. Dictate prices

Perfect competition is a type of market with the number of sallers and buyers who are very numerous and the products sold are homogeneous.

Market monopoly is a from of market where there is only one seller that dominate the market. Determinants of prices in this market is a seller or often referred to as manapolists.

The market is an oligopoly is a market in which the supply of one type of goods controlled by a few companies. Generally, the number of firms is more than two but less than ten.

Monopsony market is a state in which the acceptance of business actors control the supply or into single purchaser of goods and or services in a commodity market.

According to the article, as a leader if you want your employees follow you, what  you should do?
answer  is B. Create perfect competition

if you want to experience true transformation in your

work environment and

organization then this article is for you.
1. Lead with integrity.
2. Hire the right people.
3.Train your people.
4. Work as a team.
5. Deflect praise to your team members, but accept the blame
6. Give your employees boundaries and let them run with the ball
7. Promote an atmosphere where ideas are heard and debated
8. Stay calm under stress or pressure.
9.Leadership is about serving.
10. The leader/follower relationship is characterized by an “agapao” love.


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