Imperfect competition ques?

Question

1>What are the resource of monopoly power?

2>How can a monopoly exercise control over price? Is this control absolute? Why or why not?

3>Why does an oligopolist have to be concerned about the actions or reactions of its rivals>

4>How does product differentiation give a business firm engaged in monopolistic competition certain degree of control over price?

Thanks very much!

Answer 1

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