Please view the below video link and share your thoughts on the economic concepts that you believe are applicable. In your response, provide a rationale on whether or not a firm has to possess market power in order to raise prices.
Book Reference: Brickley, J.A., Smith, C.W., & Zimmerman, J.L (2009). Managerial economics and organizational architecture (6th ed.). New York: McGraw-Hill/Irwin
Link: https://archivesbb.nbclearn.com/portal/site/root/widget/8JehJhSz6wntIMu08VHkNuny3fnXTsQ5s4Rm8DsopIoYk2sGFqv5Q1wGHcavfLGj3CTFNDKc0p51p88PD7TdTe7LIUVfHlz3jEoiuo9pr7uTEXGF3HD_ks22vwEpXSeEPRWizHYPeSH2FgbZljLNbBC1qQUdZSx5Rm3CH7N87rRIkTrnuQzEgw/42019
Link: https://archivesbb.nbclearn.com/portal/site/root/widget/8JehJhSz6wntIMu08VHkNuny3fnXTsQ5s4Rm8DsopIoYk2sGFqv5Q1wGHcavfLGj3CTFNDKc0p51p88PD7TdTe7LIUVfHlz3jEoiuo9pr7uTEXGF3HD_ks22vwEpXSeEPRWizHYPeSH2FgbZljLNbBC1qQUdZSx5Rm3CH7N87rRIkTrnuQzEgw/42019
