Concept of market power, What are the sources of the firm's

Concept of market power

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Reference no: EM133203012

Assignment:

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?

3. Answer the question below in your conclusion:

Why is it hard for a firm to maintain market power over a Long Run?

Reference no: EM133203012

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