protect the right of inventors to produce and sell their inventions

legal monopoly legal prohibitions against competition, such as regulated monopolies and intellectual

property protection

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

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

natural monopoly economic conditions in the industry, for example, economies of scale or control of a critical

resource, that limit effective competition

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

a limited time

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

trade secrets methods of production kept secret by the producing firm

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

registered that trademark

Key Concepts and Summary
{"file_hash": "830b81f41611ac67a490444dbb5d6aed292224606965b06965b914443c93331a", "file_type": ".pdf", "batch_upload": true, "file_name": "Microeconomics3e.pdf", "uploaded_via": "batch_uploader", "file_size_mb": 26.99, "total_pages": 597, "creationdate": "2022-12-07T14:15:44-06:00", "upload_timestamp": "2026-02-07T15:37:44.339247", "source": "downloads\\business\\economics\\Microeconomics3e.pdf", "moddate": "2022-12-07T14:23:05-06:00", "producer": "Prince 14.2 (www.princexml.com)", "source_file": "downloads\\business\\economics\\Microeconomics3e.pdf", "title": "Principles of Microeconomics 3e", "creator": "PDFMiner"}