Market Power and Its Sources in the Food Industry

G. E. Brandow

American Journal of Agricultural Economics, 1969, vol. 51, issue 1, 1-12

Abstract: Market power is defined in terms of a firm's ability to affect directly other participants in the market or such market variables as prices and promotion practices. The article distinguishes between short-run and long-run power and between offensive and defensive power. More than a dozen sources of power are identified in the food industry. Some of the things commonly regarded as manifestations of market power are unreliable indicators of it. In particular, higher-than-average profits and market power do not necessarily go together.

Date: 1969
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