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Market Power
The ability of a firm or group of firms to control prices and output levels in a market.
Price Elastic
Describes a situation where the quantity demanded or supplied of a good changes significantly due to changes in its price.
Monopoly
Monopoly is a market structure characterized by a single seller selling a unique product in the market, facing no competition.
One Buyer
A market condition known as a monopsony, where there is only one buyer for a particular product or service, giving that buyer significant control over prices.
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