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Barriers to entry
Obstacles such as legal protection, control of an essential resource, or large cost advantages that make it hard for new firms to enter a market, allowing existing firms to keep their market power.
Market power
The degree to which a firm in a market is able to control its output price.
Monopoly
A market structure with one single dominant firm that has substantial control over output prices. The firm sells a unique product and is protected by high barriers to entry.