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Q. What do you mean by Legal Monopoly?
Legal Monopoly: Some monopolies are engendered and protected under various laws. Inventors of new processes, devices or articles attain monopoly powers for such inventions under trade mark, patent and copyright laws. There are numerous illustrations oflegal monopoly of medicines. As Professor F.W. Taussing observes in his Principles of Economics, patents and copyrights are the simplest cases of absolute monopoly by law. Though as Professor E.H. Chamberlin points out, these cases would fall more under monopolistic competition than under monopoly.
What are the conclusions about the cost of production and efficiency in the long-run equilibrium of a perfectly competitive industry? Three conclusions regarding the cost of pr
is the sales maximization applicable
Concept of Managerial Economics The discipline of managerial economics deals with characteristics of economics and tools of analysis that are used by business enterprises for dec
PRINCIPLES OF AN OPTIMAL TAX SYSTEM When taxes are imposed certain conditions must be fulfilled. These conditions are known as Principles or canons of taxation. According to
In a one-shot game, if you advertise and your rival advertises, you will each earn RM5 million in profits. If neither of you advertises, your rival will make RM4 million and you w
Pricing Methods
in the context of oligopoly theory explain the channels via which either a cost reduction or a quantity increase influence a supplier''s profitability
Commercial Banks A Commercial Bank is a financial institution which undertakes all kinds of ordinary banking business like accepting deposits, advancing loans and is a member
Suppose Fiat recently entered into an Agreement and Plan of Merger with Case for $4.3 billion. Prior to the merger, the market for four-wheel- Drive tractors consisted of five firm
what is the goal of firm
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