Abstract
This chapter explains that market power is a matter of degree, and reviews the thresholds commonly used, including dominance and essential facility (as well as thresholds outside competition law, such as economic dependence and gatekeeper status in digital markets). The main indicators of market power are market shares and entry barriers (economies of scale, sunk costs, product differentiation, data, and network effects). The chapter explores the role of profitability as an indicator of market power, and the concepts of buyer power and bidding markets. Finally, it discusses market power in dynamic, innovative markets.
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