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?

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