One of the primary factors influencing market power is 'Market Share,' which refers to the proportion of total sales in a market captured by a particular firm. A higher market share often translates to greater market power, as the firm can leverage its dominant position to influence prices and outputs.

'Supplier Power' and 'Buyer Leverage' are also critical in understanding market power. When a firm has strong supplier power, it can dictate terms to suppliers, potentially reducing costs and increasing profitability. Conversely, 'Buyer Leverage' indicates the power of buyers to influence terms and prices, which can limit a firm's market power if buyers are highly concentrated and organized.

'Barriers to Entry' are obstacles that prevent new competitors from easily entering a market. High barriers to entry, such as significant capital requirements or stringent regulations, can protect established firms and enhance their market power by reducing the threat of new entrants. This concept is closely related to 'Oligopoly' and 'Monopoly,' where a few firms or a single firm dominate the market, respectively, leading to higher market power.

'Competitive Advantage' is another related concept, referring to the unique strengths and strategies that allow a firm to outperform its competitors. Firms with a significant competitive advantage often enjoy greater market power as they can attract more customers and command higher prices for their products or services.

'Switching Costs' are the costs incurred by consumers when changing from one product or service to another. High switching costs can increase a firm's market power by making it difficult for consumers to switch to competitors, thereby creating customer loyalty and reducing price sensitivity.

'Price Elasticity' measures how sensitive the quantity demanded of a good is to a change in its price. In markets with low price elasticity, firms have greater market power because consumers are less likely to reduce their purchases in response to price increases. This allows firms to set higher prices without significantly losing customers, further enhancing their market power.