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MicroEcon Ch9 - Monopoly

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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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Terms in this set (13)

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

methods of production kept secret by the producing firm.

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

predatory pricing.

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

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

natural monopoly.