Fill in the blanks with the number that corresponds to the correct word or phrase in the word bank:
Natural monopolies
DeBeers
Water company
Legal monopolies
Marginal cost
any
monopoly
patent
trade secret law
copyright
twenty years
trademark
economies of scale
In the case of ------------ one firm produces all of the output in a market. Since a monopoly faces no significant competition, it can charge------------ price it wishes.
There are two types of monopoly, ------------where the barriers to entry are something other than legal prohibition and ------- where laws prohibit (or severely limit) competition.
Natural monopolies often arise in industries where the -------- of adding an additional customer is very low. An example of a natural monopoly is-------------- .
With natural monopolies, because of ------- one producer can serve the entire market more efficiently than a number of smaller producers.
An example of a monopoly that arises due to control of physical resources is ----------- .
A --------- gives the inventor the exclusive legal right to make, use, or sell the invention for a limited time.
In the United States, exclusive patent rights last for---------- .
A ------------- is an identifying symbol or name for a particular good, like Chiquita bananas.
A-------------- "is a form of protection provided by the laws of the United States for ‘original works of authorship’ including literary, dramatic, musical, architectural, cartographic, choreographic, pantomimic, pictorial, graphic, sculptural, and audiovisual creations."
Taken together, we call the combination of patents, trademarks, copyrights, and ----------- intellectual property.