Answer :
Gaining market power necessitates workers banding together to make a collective choice on when to give their labor, much like a cartel in a commodity market.
What does economic market power imply?
Economists use the terms 'market power' and' monopoly power' to describe a single firm's or group of enterprises' ability to price profitably above marginal cost. Both concepts technically refer to the power to charge above competitive levels. The degree of market power that enterprises express in various marketplaces is relative to the market structure in which the firms operate. Market systems are classified into four types: perfect competition, monopolistic competition, oligopoly, and monopoly. Each type has distinct characteristics. The monopoly structure is the most extreme manifestation of market power, with one firm controlling nearly all market share and market power.
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