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Sagot :
Firms have market power in monopolistically competitive markets and monopolistic markets.
What is monopolistic market?
A market system that possesses the traits of a true monopoly is referred to as a monopolistic market. When one supplier offers a specific commodity or service to lots of customers, there is a monopoly. In a monopolistic market, the dominating corporation, or monopoly, has complete control over the market and hence determines the supply and price of an item or service.
In the absence of total entry barriers, such as a prohibition on competition or exclusive ownership of all natural resources, completely monopolistic markets are rare and possibly even inconceivable.
To know more about monopolistic market, click here- brainly.com/question/25717627
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