In a market structure characterized by significant market power, how does this affect consumer choice?

In a market structure with significant market power, like a monopoly or an oligopoly, consumers often have fewer choices. This happens because a single company or a few companies control the market, which means they can set prices and limit the variety of products available. For example, if a single company makes all the smartphones, consumers can only buy from them, and they may charge higher prices since there is no competition. As a result, consumers might feel stuck with what is offered, which can reduce their satisfaction. In contrast, in a more competitive market, consumers enjoy a wider range of options and better prices, leading to more freedom in their choices.