monopoly hide other possibilities from the decision makers? Perhaps. As a result of their actions, this is how history

unfolded.
232 9 • Key Terms

Key Terms

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

barriers to entry the legal, technological, or market forces that may discourage or prevent potential

competitors from entering a market

copyright a form of legal protection to prevent copying, for commercial purposes, original works of

authorship, including books and music

deregulation removing government controls over setting prices and quantities in certain industries

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

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