power-market-i-need-answer-clear-and-by-your-words-no-internet-no-take-anything-from-it

Write a one to two page paper, addressing the following:

a. Describe in your own words the concept of market power.

b. 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?

c. Answer the question below in your conclusion:

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