Dr. Iacobucci provided an excellent explanation of how economists understand market power. I will just add a bit of colour to that.
The economy we have now, which has been transformed forever not just by digitization but by the adoption of technology and data-driven practices in the way business is conducted, does present some challenges for those of us who want to understand where market power is and how it's exercised. It's coming up in different guises than it used to.
One thing others have come up with—it's not my idea, but I'm going to put it out there—is that now we see sectors of the economy characterized by the presence of economic ecosystems dominated by perhaps one or two firms. Often it's one firm. Because they control adjacent sectors, they're able to dictate the terms of participation. We call it an ecosystem. We call them gatekeepers or platform operators. It doesn't necessarily have to be the billion-dollar ones that we all know the names of.
One of the interesting cases in the United States involves Live Nation and Ticketmaster. It shows that the way the economy is evolving may present challenges for us when using these concepts. It doesn't mean they're not relevant. It just means that we have to be attentive to the new ways they may present themselves. New tools might be needed to understand and make sure that we're targeting things where market power is a problem, not stifling things that should happen or that might radically change the economy for the better.
We don't have a crystal ball. There's always room for error. That's the other thing that's important to keep in mind. The economy is evolving and changing quite rapidly, and we need to keep on top of that.