ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Natural Monopoly
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Technological Monopoly
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Government Monopoly
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Mr. Wonderful’s Monopoly
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Detailed explanation-1: -Patents are limited-term monopolies awarded to inventors to incentivize innovation.
Detailed explanation-2: -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.
Detailed explanation-3: -What is a Technology Monopoly? Facebook, Telus, Google, Rogers, Microsoft, Amazon-you have heard their names and you might even use them on a day to day basis. Raking in billions of consumer dollars each year, these tech giants have dominated the global market.
Detailed explanation-4: -A monopoly that occurs when a single firm controls manufacturing methods necessary to produce a certain product, or has exclusive rights over the technology used to manufacture it.