Final Answer:
When a firm with market power prices its products too high, it is referred to as engaging in monopolistic pricing.
Step-by-step explanation:
Monopolistic pricing occurs when a firm with market power, meaning it has the ability to influence market prices, sets its product prices excessively high. This behavior is often associated with monopolies or firms with significant market share, allowing them to dictate prices without facing significant competition. The lack of competitive pressure can lead to inflated prices, resulting in consumer detriment. Monopolistic pricing is a strategy employed by companies with substantial control over the market, and it highlights the potential negative consequences of limited competition, such as reduced consumer choices and higher prices.