ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Technological
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Natural
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Government
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Geographic
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Detailed explanation-1: -A patent can be viewed as a sort of mini-monopoly in that the patent owner is granted the power to prevent others from using their protected technology without a license or other permission. However, it is always possible for others to negotiate with the patent owner to make use of the technology.
Detailed explanation-2: -In American constitutionalism, copyrights are rooted in individuals’ natural property rights.
Detailed explanation-3: -A monopoly is a firm who is the sole seller of its product, and where there are no close substitutes. An unregulated monopoly has market power and can influence prices. Examples: Microsoft and Windows, DeBeers and diamonds, your local natural gas company.
Detailed explanation-4: -Copyrights create monopoly power over music as well as cartoon characters. Time Warner owns the rights to the song “Happy Birthday to You” and receives royalties every time that it is played on the radio or other commercial venue. Fair-use provisions protect individuals with noncommercial uses of copyrighted materials.