revise this: In the world of health care, market power is a term used very often. In the United States today approximately half of health care output is allocated via markets (Garynor, 2015). So what does it mean to have market power? The economist definition of market power is the ability of a firm, or even a group of firms, to raise and maintain price above the level that would prevail under competition (OECD, 2002). In healthcare, market power is defined as having increased market leverage. This is typically the case for larger, more expensive hospitals who have a greater market share, large health care system participation, and less competition. Companies that possess market power are also known as price makers because they are able to determine the price for a product or service all whilst maintaining market share. Market power is dependent upon which system it is operating under- perfect competition, monopoly, oligopoly, or monopolistic competition