Asked by Cooper Lumsden on Jun 24, 2024
Verified
Temporary monopolies via the provision of sole ownership rights to profit from the production,use,or sale of a good are provided by:
A) patents and copyrights.
B) natural monopolies.
C) profit-maximizing behavior.
D) network externalities.
Patents And Copyrights
Legal instruments that offer creators exclusive rights to their inventions (patents) and artistic works (copyrights) to protect and profit from their creations.
Temporary Monopolies
A situation where a firm has exclusive control over the market for a product or service for a limited period, often due to patents or innovations.
Sole Ownership Rights
Exclusive legal entitlements granting the owner control over the use, development, and sale of property or intellectual assets.
- Identify the effects of barriers to entry on market structures and competition.
- Recognize the role of government regulations, patents, and copyrights in creating or sustaining monopolies.
Verified Answer
Learning Objectives
- Identify the effects of barriers to entry on market structures and competition.
- Recognize the role of government regulations, patents, and copyrights in creating or sustaining monopolies.
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