How do monopolists use power to manipulate outcomes

Reference no: EM131401771

In the past two chapters you have learned much about market power: how it is used, the efficiency implications, and how society has responded. Yet this power remains, albeit minimally checked from time to time. The economist Thorstein Veblen would not be surprised by this. He would argue that firms use market power because they can. How do monopolists use "power" to manipulate outcomes? (Institutionalist)

Reference no: EM131401771

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