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Question: Why might a firm have monopoly power even if it is not the only producer in the market?  Why is t...

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Show transcribed image text Why might a firm have monopoly power even if it is not the only producer in the market? Why is there a social cost to monopoly power? If the gains to producers from monopoly power could be redistributed to consumers, would the social cost of monopoly be eliminated?

Why might a firm have monopoly power even if it is not the only producer in the market? Why is there a social cost to monopoly power? If the gains to producers from monopoly power could be redistributed to consumers, would the social cost of monopoly be eliminated?