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Market power refers to the ability of a firm or group of firms to influence the price of a good or service in the market. It typically arises when a company has a significant share of the market, allowing it to set prices above the competitive level, thereby maximizing its profits. Market power can result from factors such as brand loyalty, control over resources, or barriers to entry for other competitors. When a firm possesses substantial market power, it may lead to reduced competition and potential negative effects on consumers.

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