1 and market power approaches zero. The equation is derived from the monopolist pricing rule: Nobel Memorial Prize Jean Tirole was awarded the 2014 Nobel Memorial Prize in Economic Sciences for his analysis of market power and economic regulation. See also Bargaining power Imperfect competition Market concentration Natural monopoly Predatory pricing Price discrimination Dominance (economics) References Further references Syverson, Chad. 2019. "Macroeconomics and Market Power: Context, Implications, and Open Questions." Journal of Economic Perspectives 33(3): 23-43. "The Theory of Industrial Organization", Tirole, MIT Press 1988 Thomas Philippon. 2019. The Great Reversal: How America Gave Up on Free Markets. Harvard University Press. Imperfect competition Power (social and political) concepts