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?
