OPEN STAX BOOK Chapter 9 -Monopoly

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13 Terms

1

allocative efficiency

Producing the optimal quantity of some output; the quantity where the marginal benefit to society of one more unit just equals the marginal cost

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2

barriers to entry

the legal, technological, or market forces that may discourage or prevent potential competitors from entering a market

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3

copyright

a form of legal protection to prevent copying, for commercial purposes, original works of authorship, including books and music

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4

deregulation

removing government controls over setting prices and quantities in certain industries

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5

intellectual property

the body of law including patents, trademarks, copyrights, and trade secret law that protect the
right of inventors to produce and sell their inventions

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6

legal monopoly

legal prohibitions against competition, such as regulated monopolies and intellectual property protection

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7

marginal profit

profit of one more unit of output, computed as marginal revenue minus marginal cost

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8

monopoly

a situation in which one firm produces all of the output in a market

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9

natural monopoly

economic conditions in the industry, for example, economies of scale or control of a critical resource, that limit effective competition

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10

patent

a government rule that gives the inventor the exclusive legal right to make, use, or sell the invention for a limited time

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11

predatory pricing

when an existing firm uses sharp but temporary price cuts to discourage new competition

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12

trade secrets

methods of production kept secret by the producing firm

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13

trademark

an identifying symbol or name for a particular good and can only be used by the firm that registered that trademark

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