quality:correction, structural:summarization
Market power of monopoly

Market power is the firm's ability to affect terms and conditions of exchange. A monopoly possesses a substantial amount of market power, however, it is not unlimited. A monopoly is a price maker, not a price taker, meaning that a monopoly has the power to set the market price. The firm in monopoly is the market as it sets its price based on their circumstances of what best suits them.