Question

Apple has been known to sell its products at higher rates than competitors, such as Microsoft, as it has been successful at convincing consumers that Apple products are special and more luxurious in comparison. By accomplishing this, Apple has gained:

Answer 1

Answer:

Market power.

Explanation:

Market power is also called monopoly power, and is defined as the ability of a firm to raise prices of its products above normal competitive prices of other fish in the market. Theses forms are able to raise prices without losing their customers. Price control is done by manipulating demand and supply of their products.

Apple has gained market power by convincing consumers that its products are special and more luxurious than others on the market. So they can increase price above the normal market level and still maintain their customer base.