Watch this video then respond to the following:

• What do economists mean by "market power"?
• Identify a real-world example of monopoly. What barriers to entry allow the firm to avoid competition and maintain its monopoly status.
• Explain whytheprofit maximizing monopolist in the example doesn't want to charge more than $12.50 per pill even though they can set the price at any level they want.

https://youtu.be/IEjcTLPtTIY