question
allocative efficiency
answer
producing the optimal quantity of some output; the quantity where the marginal benefit to society of one more unit just equals the marginal cost
question
barriers to entry
answer
the legal, technological, or market forces that may discourage or prevent potential competitors from entering a market
question
copyright
answer
a form of legal protection to prevent copying, for commercial purposes, original works of authorship, including books and music
question
deregulation
answer
removing government controls over setting prices and quantities in certain industries
question
intellectual property
answer
the body of law including patents, trademarks, copyrights, and trade secret law that protect the right of inventors to produce and sell their inventions
question
legal monopoly
answer
legal prohibitions against competition, such as regulated monopolies and intellectual property protection
question
marginal profit
answer
profit of one more unit of output, computed as marginal revenue minus marginal cost
question
monopoly
answer
a situation in which one firm produces all of the output in a market
question
natural monopoly
answer
economic conditions in the industry, for example, economies of scale or control of a critical resource, that limit effective competition
question
patent
answer
a government rule that gives the inventor the exclusive legal right to make, use, or sell the invention for a limited time
question
predatory pricing
answer
when an existing firm uses sharp but temporary price cuts to discourage new competition
question
trade secrets
answer
methods of production kept secret by the producing firm
question
trademark
answer
an identifying symbol or name for a particular good and can only be used by the firm that registered that trademark
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
