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

9.1 How Monopolies Form: Barriers to Entry

Barriers to entry prevent or discourage competitors from entering the market. These barriers include:

economies of scale that lead to natural monopoly; control of a physical resource; legal restrictions on

competition; patent, trademark and copyright protection; and practices to intimidate the competition like

predatory pricing. Intellectual property refers to legally guaranteed ownership of an idea, rather than a

physical item. The laws that protect intellectual property include patents, copyrights, trademarks, and trade

secrets. A natural monopoly arises when economies of scale persist over a large enough range of output that if

one firm supplies the entire market, no other firm can enter without facing a cost disadvantage.
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