Encourage frims to research and develop new products that benefit society as a whole.
Without monopoly society would flatline, where economic growth would slow to a stop and socio-economics would die. This is because in order to have a positively functioning society one must promote growth. Competition must exist in society in order for growth to occur and be more effective. Monopoly is the process by which a firm competes in a market sector with other firms in a fight for control toward a puremonopoly.
Perfect competition allows for fairer price structures than those that would likely be seen in a monopoly.
Yes, perfect competition allows the market to dictate prices where as a monopoly can set any price because there is no other alternative.
One essential government role in a market economy is regulation. This allows for competition without monopoly.
Good because it allows you to charge outrageously high prices from buyers who have no choice but to buy from you. You can also save money by providing very poor service to your customers. You may be able to buy things cheaper because your vendors have no one to sell to but you. You may be able to pay specialized workers less because they have nowhere else to work with their particular skills. Thus monopoly helps you become rich at the expense of others. Some people would call that good. Others might not.
Encourage frims to research and develop new products that benefit society as a whole.
Without monopoly society would flatline, where economic growth would slow to a stop and socio-economics would die. This is because in order to have a positively functioning society one must promote growth. Competition must exist in society in order for growth to occur and be more effective. Monopoly is the process by which a firm competes in a market sector with other firms in a fight for control toward a puremonopoly.
Perfect competition allows for fairer price structures than those that would likely be seen in a monopoly.
Yes, perfect competition allows the market to dictate prices where as a monopoly can set any price because there is no other alternative.
A patent allows you to exclude anyone else from building or using your invention without your permission.
Because it allows the community to appreciate and "award" people who contribute to the society.
The Paris Convention for the Protection of Intellectual Property
Patent protection allows inventors to ascribe value to their hard work, and gives them an opportunity to derive an income from it.
Yes because it makes different laws, and allows some stuff and does not allow some stuff
Satellite technology allows for instant information sharing around the globe.
Article I, Section 8, Clause 8:To promote the Progress of Science and useful Arts, by securing for limited Times to Authors and Inventors the exclusive Right to their respective Writings and Discoveries.
Yes, they do. A leading company in this area is Monsanto. Though it used to be that patents were not allowed for seeds and crops, the government now allows them and Monsanto patents their genetically modified brands of not only corn, but other crops.