What is Monopoly Power? -When is it arguably Most Powerful?

-This is when the Firm can Influence the Price of a Good in a Market. -A Firm with Monopoly Power can Affect its Price (Price Making Power) and can happen in Pure Monopolies, Oligopolies or even Monopolistic Competition -Goods which are Essential and has no Substitutes have the Greatest Monopoly Power. More Inelastic Demand a Product is, the Greater Monopoly Power present