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25 August, 19:10

Which of the following firms is likely to have the greatest market power? A. a farmerB. an electric companyC. a local electronics retailerD. a grocery store

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  1. 25 August, 20:50
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    An electric company is like to have greatest market power.

    Explanation:

    An electric company falls under oligopoly market. An oligopoly market is that market that consist of few firms and large numbers of buyers. As a result the sellers have the power to change the price. Although if they increase the price the customers will not be able to stop buying those goods.

    Oligopoly market has the power to affect the demand as well as the supply. In case of market power the output reduces but there is no loss in economic welfare.
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