Monopoly Power
Ability to control price due to lack of competition.
Formula
Monopoly Power ∝ Market Share / (1 − Competition)
Real World
Google holds over 90% of the UK search engine market, giving it monopoly power to charge premium prices to advertisers with no comparable alternative platform.
Exam Focus
Always link monopoly power to consumer harm or reduced efficiency — stating it exists without consequence won't earn evaluation marks.
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