Turuvõimete

Turuvõimete refers to the market power that a firm possesses. It is the ability of a single economic actor or a small group of actors to influence the market price of a good or service. This influence can manifest as the power to raise prices above competitive levels or to restrict output. Firms with significant turuvõimete are often found in industries with high barriers to entry, limited competition, or unique product offerings.

The existence of turuvõimete is a key concern for competition authorities and regulators. Excessive market power can lead to reduced consumer welfare through higher prices, lower quality, and less innovation. Economic theory suggests that in perfectly competitive markets, individual firms have no market power and are price takers. However, in reality, many markets deviate from this ideal.

Factors contributing to turuvõimete include economies of scale, control over essential resources, patents and intellectual property rights, brand loyalty, and network effects. In some cases, turuvõimete can arise from government regulation or intervention, such as licensing or subsidies. The extent of turuvõimete is often measured by metrics like the Lerner index, which quantifies the difference between a firm's price and its marginal cost. Understanding and monitoring turuvõimete is crucial for maintaining healthy and competitive markets.