MICROECONOMICS (LL)-W/ACCESS >CUSTOM<
MICROECONOMICS (LL)-W/ACCESS >CUSTOM<
11th Edition
ISBN: 9781264207718
Author: Colander
Publisher: MCG CUSTOM
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Chapter 16, Problem 9QE
To determine

Monopolies and patents in the economy.

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If patents reduce​ competition, why does the federal government grant​ them? The federal government grants patents   A. to increase the number of close substitutes available.   B. to prevent network externalities.   C. to create natural monopolies.   D. to encourage firms to collude.   E. to encourage firms to spend money on research to create new products.
Which two kinds of monopolies exist? Which is more economically efficient? Why?
How do  patents and economies of scale can cause monopolies to form? Give a third possible reason for monopoly
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