Examlex
What did the Supreme Court find in Lemon v. Kurtzman?
Market Power
The ability of a firm or group of firms to manipulate the price or quantity of a good or service in the market, often through controlling supply or market dominance.
Monopoly Power
The ability of a single seller to control market prices and exclude competitors within a particular market.
Imperfect Competition
A market structure that does not meet all conditions of perfect competition and where individual sellers can influence the price of the market to some degree.
Perfect Competition
A market structure characterized by a complete absence of rivalry among the individual firms, with an infinite number of sellers and buyers, homogeneous products, and no barriers to entry or exit.
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