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Chapter 9: Q 13 (page 232)

What legal mechanisms protect intellectual property?

Short Answer

Expert verified

The legal mechanisms that protect intellectual property are:

(i) Copyright

(ii) Trademark

(iii) Patent

(iv) Trade secrets.

Step by step solution

01

Step 1. Meaning of intellectual property.

Intellectual property is ownership over ideas, images, or concepts that grant the creator of original work exclusive rights for its use and distribution.

02

Step 2. Legal mechanisms for Intellectual Property.

The legal mechanisms that protect intellectual property are:

(i) Patents: A government rule that gives the inventor the exclusive legal right to make, use, or sell the invention for a limited time.

(ii) Copyrights: A form of legal protection to prevent copying, for commercial purposes, original works of authorship,

including books and music.

(iii) Trademarks: An identifying symbol or name for a particular good and can only be used by the firm that registered that

trademark.

(iv) Trade secrets: The manufacturing firm's production methods are kept a secret.

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Most popular questions from this chapter

Suppose the local electrical utility, a legal monopoly based on economies of scale, was split into four firms of equal size, with the idea that eliminating the monopoly would promote competitive pricing of electricity. What do you anticipate would happen to prices?

What is a barrier to entry? Give some examples.

Suppose the demand for a monopoly鈥檚 product falls so that its profit-maximizing price is below average variable cost. How much output should the firm supply?

2. Classify the following as a government-enforced barrier to entry, a barrier to entry that is not government-enforced, or a situation that does not involve a barrier to entry.

a. A city passes a law on how many licenses it will issue for taxicabs

b. A city passes a law that all taxicab drivers must pass a driving safety test and have insurance

c. A well-known trademark

d. Owning a spring that offers very pure water

e. An industry where economies of scale are very large compared to the size of demand in the market

How is monopoly different from the perfect competition?
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