Market power refers to the ability of a firm or group of firms to influence the price, quantity, and quality of goods and services in a market. It can arise from factors such as barriers to entry, control over key resources, economies of scale, and brand loyalty. Market power can lead to higher prices for consumers, lower output levels, reduced competition, and decreased innovation in a market. Researchers study market power to understand its effects on market outcomes, regulatory policies, and consumer welfare. This research area often involves analyzing market structures, firm behavior, and the impact of competition policies on market power.