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Chapter 9: Q.10 (page 232)

What is a legal monopoly?

Short Answer

Expert verified

A monopoly set up by law is referred to as legal monopoly.

Step by step solution

01

Step 1. Monopoly

A monopoly is a market structure in which there is only one seller who produces a good or service with no close substitutes.

02

Step 2. Example

Monopolies can be created through laws for patent, trademark, copyright laws.

If a company innovate something new and registered a patent for it that means now the company has a monopoly on that innovation

if any competitor copies that product for any purpose that it would be considered unlawful.

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Most popular questions from this chapter

What legal mechanisms protect intellectual property?

How is monopoly different from the perfect competition?

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?

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?

Imagine a monopolist could charge a different price to every customer based on how much he or she were willing to pay. How would this affect monopoly profits?
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