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Market Power: The ability of a firm to be able to change the price at will…

- - - - One firm
      - Many barriers to enter - virtually impossible
      - Economies of scale
      - Branding
      - Legal Barriers
      - Domination of resources
      - Anti Competition practice
      - Decreasing price to an anticompetitive level
      - Only one comparable product
      - Total market power firm is a price maker
      - Example: China Mobile and Vinmonoolet(norwegian market for alcohol)
      - De Facto monopoly - Google basically owns the market despite there being other options, ebay, whatsapp
  - - - Examples: Clothing and Pens
      - A little bit of market power
      - Makes them different from perfect competition
      - Products can be differentiated by competitors
      - Almost no barriers to entry
      - Many firms
      - Monopolistic competition
  - - - Small group of firms that dominate the market
        
        High barriers to enter and compete
        
        Products Could be identical or differentiate
        
        The three or so main companies have significant market power
        
        Example: Cell phone services and phones