Barriers to entry preventing new competition entering a market to compete awya large profits
Advertising and product differentiaiton - a firm may be able to act as aprice maker if consumers think of its products as more desirable than those produced by other firms (e.g because of a strong brand)
Few competitiors in the market - if a market is dominated by a small number of firms, these are likely to have some price making power. They'll also find it easier to differentiate products.
Even though firms with monopoly power are price makers, consumers can still choose whther or not to buy thier products. So demand will still depend on the price - as always, the higher the price, the lower the demand will be
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