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A legal monopoly is determined when a single company or entity holds exclusive control over a particular market or product, often granted through government regulation or legislation. This can occur when the government provides a license or patent that prevents competitors from entering the market. Legal monopolies can also arise in industries deemed natural monopolies, where high infrastructure costs make competition impractical. The key characteristic of a legal monopoly is that it operates within the framework of laws and regulations established by governing bodies.
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What is the only legal monopoly?
Major League Baseball
What is the legal term that describes the controlling body of a monopoly?
Trust
How can one determine the deadweight loss in a monopoly market?
In a monopoly market, deadweight loss can be determined by comparing the quantity of goods produced and consumed in a competitive market to the quantity produced and consumed in a monopoly market. Deadweight loss occurs when the monopoly restricts output and raises prices, leading to a loss of consumer and producer surplus. This loss represents the inefficiency in the market due to the monopoly's market power.
Why doesn't demand equal marginal revenue in a monopoly and how come this discrepancy occurs?
In a monopoly, demand does not equal marginal revenue because the monopoly firm has the power to set prices higher than the marginal revenue. This discrepancy occurs because the monopoly has control over the market and can influence prices to maximize profits, unlike in a competitive market where prices are determined by supply and demand forces.
Is monopoly determined by market equilibrium?
No, monopoly is not determined by market equilibrium. A monopoly exists when a single firm dominates the market for a particular good or service, often due to barriers to entry that prevent other firms from competing. In contrast, market equilibrium occurs when supply equals demand, which can happen in both competitive and monopolistic markets. While a monopolist can influence prices and output, it does not operate under the same conditions as a competitive market seeking equilibrium.
Is Monopoly money legal currency?
No. Monopoly money is only legal tender in the Monopoly game.
Who goes first in Monopoly and how is it determined?
In Monopoly, the player who goes first is usually determined by rolling the dice to see who gets the highest number. The player with the highest roll goes first.
What is the only legal monopoly?
Major League Baseball
What is the legal term that describes the controlling body of a monopoly?
Trust
What is the legal term that describe the controlling body of a monopoly?
Trust
How can I use a Monopoly game image?
The images in Monopoly are copyright, which means you will need legal permission from the games copyright holders to publish the image.
Is monopoly the most popular boardgame?
A poll taken in 2016 determined chess to be the most popular board game.
How can one determine the deadweight loss in a monopoly market?
In a monopoly market, deadweight loss can be determined by comparing the quantity of goods produced and consumed in a competitive market to the quantity produced and consumed in a monopoly market. Deadweight loss occurs when the monopoly restricts output and raises prices, leading to a loss of consumer and producer surplus. This loss represents the inefficiency in the market due to the monopoly's market power.
How is legally insanity determined in California?
Legal insanity in California is determined using the McNaghten rule.
What are the legal implications of using the Monopoly trademark without permission?
Using the Monopoly trademark without permission can lead to legal consequences such as trademark infringement, which may result in lawsuits, financial penalties, and the requirement to cease using the trademark. It is important to obtain proper authorization before using any trademark to avoid legal issues.
Why doesn't demand equal marginal revenue in a monopoly and how come this discrepancy occurs?
In a monopoly, demand does not equal marginal revenue because the monopoly firm has the power to set prices higher than the marginal revenue. This discrepancy occurs because the monopoly has control over the market and can influence prices to maximize profits, unlike in a competitive market where prices are determined by supply and demand forces.
Is monopoly determined by market equilibrium?
No, monopoly is not determined by market equilibrium. A monopoly exists when a single firm dominates the market for a particular good or service, often due to barriers to entry that prevent other firms from competing. In contrast, market equilibrium occurs when supply equals demand, which can happen in both competitive and monopolistic markets. While a monopolist can influence prices and output, it does not operate under the same conditions as a competitive market seeking equilibrium.
