Solved: What is a monopoly and market power? How do these concepts relate to each other and

A monopoly is the concept of having just one Player in a Market, who fullfills all the demand for that market and thus have little or no copetition and thus has the privilege to define the price and manage demand and supply.

Market power is the concept where thet players may have competition and competitive presurre but the player is able to attain profits above its cost by limiting the oitput. This is achieved by limiting the output below tge competitive level thus leading to increase in price.

Sherman Act is basically aimed at preventing artificial raise of prices by restriction of trade or supply via where Monopoly articifiually creates a shortage of supply to raise the prices and thus aims to preserve a competitive marketplace to protect consumers from abuses. And alos states that ” Every person who shall monopolize, or attempt to monopolize, or combine or conspire with any other person or persons, to monopolize any part of the trade or commerce among the several States, or with foreign nations, shall be deemed guilty of a felony”.
Clayton act covers aspects not covered in Sherman act like preventing price discrimination between different players (that may give rise to monopoly), exclusive dealing agreements and mergers and acquisitions that substantially reduce market competition.

Per se violations are the ones that directly meets the criteria of agreements, conspiracies or trusts in restraint of trade and will have no detailed inquiry which means it has been deemded that they have violations that has effect on the market or the intentions of those individuals who engaged in the practice
And rule of reason is a circumstances test, to check whether the challenged practice promotes or suppresses market competition. Unlike with per se violations, intent and motive are relevant when predicting future consequences. This is to ensure section 1 mentioned above was violated. A restraint violates Section 1 if it unreasonably restrains trade.