I need new and unique answers, please. (Use your own words, don't copy and paste), Please...

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Economics

I need new and unique answers, please. (Use your ownwords, don't copy and paste), Please Use your keyboard(Don't use handwriting) Thank you..
a. Describe in your own words the concept of market power.
b. Provide an example of a firm exercising its marketpower.Referring to your example above, answer the followingquestions:
What are the sources of the firm's market power?
Can they be sustained over a short run / long run?
c. Answer the question below in your conclusion:
Why is it hard for a firm to maintain market power over a LongRun?

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4.5 Ratings (780 Votes)

a Market power is defined as the ability of a seller or a buyer to influence the market In case of a perfectly competitive market there are large number of buyers and sellers hence the effect of any single buyer or seller to influence the market is negligible However in the case of market power there are either one buyer and many sellers or one seller and many buyers When in a market there is only one buyer and many sellers we call it a monopoly and when in a market there is only one See Answer

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