{"id":2474,"date":"2015-06-23T22:42:43","date_gmt":"2015-06-23T22:42:43","guid":{"rendered":"https:\/\/courses.candelalearning.com\/masterymicro1xngcxmaster\/?post_type=chapter&p=2474"},"modified":"2015-12-17T23:12:16","modified_gmt":"2015-12-17T23:12:16","slug":"glossary-monopoly","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/chapter\/glossary-monopoly\/","title":{"raw":"Glossary: Monopoly","rendered":"Glossary: Monopoly"},"content":{"raw":"
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allocative efficiency<\/dt>
producing the optimal quantity of some output; the quantity where the marginal benefit to society of one more unit just equals the marginal cost<\/dd>
barriers to entry<\/dt>
the legal, technological, or market forces that may discourage or prevent potential competitors from entering a market<\/dd>
copyright<\/dt>
a form of legal protection to prevent copying, for commercial purposes, original works of authorship, including books and music<\/dd>
deregulation<\/dt>
removing government controls over setting prices and quantities in certain industries<\/dd>
intellectual property<\/dt>
the body of law including patents, trademarks, copyrights, and trade secret law that protect the right of inventors to produce and sell their inventions<\/dd>
legal monopoly<\/dt>
legal prohibitions against competition, such as regulated monopolies and intellectual property protection<\/dd>
marginal profit<\/dt>
profit of one more unit of output, computed as marginal revenue minus marginal cost<\/dd>
monopoly<\/dt>
a situation in which one firm produces all of the output in a market<\/dd>
natural monopoly<\/dt>
economic conditions in the industry, for example, economies of scale or control of a critical resource, that limit effective competition<\/dd>
patent<\/dt>
a government rule that gives the inventor the exclusive legal right to make, use, or sell the invention for a limited time<\/dd>
predatory pricing<\/dt>
when an existing firm uses sharp but temporary price cuts to discourage new competition<\/dd>
trade secrets<\/dt>
methods of production kept secret by the producing firm<\/dd>
trademark<\/dt>
an identifying symbol or name for a particular good and can only be used by the firm that registered that trademark<\/dd><\/dl><\/div>\r\n
<\/div>","rendered":"
\n
<\/div>\n
\n
allocative efficiency<\/dt>\n
producing the optimal quantity of some output; the quantity where the marginal benefit to society of one more unit just equals the marginal cost<\/dd>\n
barriers to entry<\/dt>\n
the legal, technological, or market forces that may discourage or prevent potential competitors from entering a market<\/dd>\n
copyright<\/dt>\n
a form of legal protection to prevent copying, for commercial purposes, original works of authorship, including books and music<\/dd>\n
deregulation<\/dt>\n
removing government controls over setting prices and quantities in certain industries<\/dd>\n
intellectual property<\/dt>\n
the body of law including patents, trademarks, copyrights, and trade secret law that protect the right of inventors to produce and sell their inventions<\/dd>\n
legal monopoly<\/dt>\n
legal prohibitions against competition, such as regulated monopolies and intellectual property protection<\/dd>\n
marginal profit<\/dt>\n
profit of one more unit of output, computed as marginal revenue minus marginal cost<\/dd>\n
monopoly<\/dt>\n
a situation in which one firm produces all of the output in a market<\/dd>\n
natural monopoly<\/dt>\n
economic conditions in the industry, for example, economies of scale or control of a critical resource, that limit effective competition<\/dd>\n
patent<\/dt>\n
a government rule that gives the inventor the exclusive legal right to make, use, or sell the invention for a limited time<\/dd>\n
predatory pricing<\/dt>\n
when an existing firm uses sharp but temporary price cuts to discourage new competition<\/dd>\n
trade secrets<\/dt>\n
methods of production kept secret by the producing firm<\/dd>\n
trademark<\/dt>\n
an identifying symbol or name for a particular good and can only be used by the firm that registered that trademark<\/dd>\n<\/dl>\n<\/div>\n
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