Market Power: Market power refers to the ability of a firm or seller to influence and control the market by setting prices, output levels, and making decisions without facing significant competition.
Barriers to Entry: Barriers to entry are obstacles that make it difficult for new firms to enter an industry or market, such as high startup costs, patents, or exclusive access to resources.
Price Discrimination: Price discrimination occurs when a seller charges different prices for the same product or service based on factors like location, age group, or customer type.