Market dominance refers to the ability of a company or a group of companies to control a significant portion of a market, allowing them to influence prices, supply, and competition. This dominance can manifest in several ways, including:

1. Market Share: A dominant firm typically holds a large share of the market, which can be measured in terms of sales volume, revenue, or number of customers.

2. Pricing Power: Dominant companies can often set prices above competitive levels without losing significant market share, as consumers may have fewer alternatives.

3. Barriers to Entry: Market dominance often creates barriers for new entrants, such as high startup costs, access to distribution channels, or established brand loyalty.

4. Control Over Supply Chains: Dominant firms may have greater control over their supply chains, allowing them to negotiate better terms with suppliers or control the availability of products.

5. Influence on Innovation: With significant resources, dominant companies can invest heavily in research and development, shaping the direction of innovation in the industry.

6. Regulatory Scrutiny: Companies with market dominance may face scrutiny from regulatory bodies concerned about anti-competitive practices and consumer welfare.

Market dominance can be beneficial for consumers in some cases, leading to lower prices due to economies of scale, but it can also lead to negative outcomes such as reduced competition, less innovation, and higher prices in the long run. Regulatory authorities often monitor dominant firms to prevent monopolistic behavior and promote fair competition.