turuvõim

Turuvõim refers to the ability of a single economic actor, or a small group of actors, to significantly influence the market price of a good or service. It is essentially the power to set prices rather than having to accept the prevailing market rate determined by the forces of supply and demand. In a perfectly competitive market, no single buyer or seller has turuvõim, as there are many participants and perfect information.

Turuvõim can manifest in several ways. A seller with turuvõim, often called a monopolist or an oligopolist, can restrict output to drive up prices. Conversely, a buyer with turuvõim, known as a monopsonist or oligopsonist, can exert downward pressure on prices by limiting their purchases. The degree of turuvõim depends on factors such as the number of competitors, the availability of substitutes, barriers to entry for new firms, and the concentration of market share.

The existence of significant turuvõim can lead to market inefficiencies. For sellers, it may result in higher profits at the expense of consumer welfare and reduced output. For buyers, it can lead to lower input costs, potentially harming suppliers and reducing the overall supply of goods and services. Governments often implement regulations, such as antitrust laws, to limit or prevent the abuse of turuvõim and promote fairer market competition.