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Fellow instructors of econ, do you teach that market power == monopoly power?
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I am about to get into monopoly with my intermediate micro class. In the textbook I used for principles of micro, market and monopoly power were actually defined differently.
In this textbook, monopoly power was the ability to charge above ATC in the long-run, whereas market power was the ability to charge above MC. So for example, a monopolistically competitive firm, given these definitions, had market power but not monopoly power.
Any thoughts? Many resources use them interchangeably.
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