March 18, 2018 

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MARKET POWER: The ability of buyers or sellers to exert influence over the price or quantity of a good, service, or commodity exchanged in a market. Market power largely depends on the number of competitors on each side of the market. If a market has relatively few buyers, but many sellers, then limited competition on the demand-side of the market means buyers tend to have relatively more market power than sellers. The converse occurs if there are many buyers, but relatively few sellers. This is also termed market control.

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MONOPSONISTIC COMPETITION: A market structure characterized by a large number of small buyers, that purchase but not identical inputs, relative freedom of entry into and exit out of the industry, and extensive knowledge of prices and technology. Monopsonistic competition is the somewhat obscure and seldom discussed buying counterpart to an monopolistic competition seller that controls the selling side of a market. Whereas monopolistic competition is most relevant to product markets, monopsonistic competition is most relevant to factor markets.

     See also | factor markets | monopsony | monopolistic competition | monopsony | oligopsony |

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The total real expenditures on final goods and services produced in the domestic economy that buyers are willing and able to undertake at different price levels, during a given time period (usually a year). Aggregate demand, usually abbreviated AD, is an inverse relation between price level and aggregate expenditures. This is one half of the AS-AD (aggregate market) analysis. The other half is aggregate supply. Aggregate demand consists of four aggregate expenditures--consumption expenditures, investment expenditures, government purchases, and net exports--made by the four macroeconomic sectors--household, business, government, and foreign.

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