ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The antitrust laws prohibit conduct by a single firm that unreasonably restrains competition by creating or maintaining monopoly power.

Detailed explanation-2: -Pure competition is a marketing situation where many sellers offer similar products for similar prices. In pure competition markets, corporations have little control of a product’s price. Pure competition is the opposite of a monopoly, where one company has complete price control because of little competition.

Detailed explanation-3: -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-4: -A pure monopoly is a single seller in a market or sector with high barriers to entry such as significant startup costs whose product has no substitutes.