Are some monopolies created by government legislation that gives a firm the unique right to produce a good or service?
What will be an ideal response?
Yes, some monopolies are created by government legislation, such as patent or copyright laws and the granting of public franchises. Monopolies that are created because of legal barriers to entry are called legal monopolies.
Economics
You might also like to view...
If the price elasticity coefficient equals 4.2, then demand is relatively inelastic with regard to price
a. True b. False Indicate whether the statement is true or false
Economics
One problem facing public goods is the ________ ________ problem
a. rent seeking b. free-rider c. rational ignorance d. there are no problems with public goods
Economics