Describe in your own words the concept of market power. Provide an example of a firm exercising its market power.Referring to your example above,…

  1. Describe in your own words the concept of market power.
  2. Provide an example of a firm exercising its market power.Referring to your example above, answer the following questions:
  • What are the sources of the firm’s market power?
  • Can they be sustained over a short run / long run?
  1. Answer the question below in your conclusion:
  • Why is it hard for a firm to maintain market power over a Long Run?
 
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