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The article discusses the development of general equilibrium models with oligopolistic product markets in macroeconomics. It explores the relationship between market power and wage inequality in the United States, specifically focusing on the growing skill premium, stagnant average wages, and the rise in wage inequality between firms. The authors develop a structural model that incorporates shifts in technology, rising monopsony power, and rising monopoly power to explain changes in the wage structure. The study finds that market power explains a modest portion of the skill premium expansion and a significant portion of the between-firm component of wage inequality growth. The article suggests that further research is needed to understand the causes of market power and its implications for welfare and policy interventions. [Extracted from the article]