Monopoly power
What Monopoly power means in Economics B A-Level, as defined for Pearson Edexcel.
Definitions of Monopoly power
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Reference: Pearson Edexcel
A position held by incumbent firms protected from new competition by barriers to entry, allowing them to maintain supernormal profits in the long run.
The potential dominance that concentration ratios help economists and regulators assess, alongside competition levels.
Topics that use Monopoly power
- Barriers to entry (Pearson Edexcel A-Level)
- Oligopoly (Pearson Edexcel A-Level)
Related terms
- Barriers to entry
- Competition regulation
- Competitive advantage
- Concentration ratio
- Economies of scale
- Market power
- Market structure
- Non-price competition
Using Monopoly power in the exam
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