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What does bargaining power mean?

Looking for the meaning or definition of the word bargaining power? Here's what it means.

Noun
  1. (economics) The ability to influence the setting of prices or wages, usually arising from some sort of monopoly or monopsony position -- or a non-equilibrium situation in the market.
  2. (business) The general concept of how much leverage or influence a bargainer has in the course of a negotiation.
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