The fifth generation (5G) of wireless networks features three core use cases, namely ultra-reliable and low latency communications (URLLC), massive machine type communications (mMTC), and enhanced mobile broadband (eMBB). These use cases co-exist in many practical scenarios and compete for the same set of time and frequency resources, resulting in a natural trade-off in their performance. In this paper, a network supporting both URLLC and eMBB modes of operation is studied. To guarantee the ultra low latency requirement of URLLC, a dynamic resource allocation scheme indicated by a two-dimensional bitmap is proposed. This approach is capable to achieve finer granularity as well as lower false cancellation rate compared to the state-of-the-art methods. A novel power control and indication method is also proposed to dynamically provide different power control parameters to the user equipment (UE), while guaranteeing the reliability requirement of URLLC and minimizing the impact to eMBB. In addition, we devise a dynamic selection mechanism (DSM) to accommodate diverse scenarios, which is empowered with load prediction to become more intelligent. Our extensive system-level simulation results for eMBB-URLLC co-existence scenarios showcase that the perceived throughput of eMBB UEs is increased by 45.3%, while about 13.3% more UEs are enjoying URLLC services with at most 84% transmit power savings compared to the state-of-the-art methods.