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Definition
| A firm that is the only seller of a good or service that does not have a close substitute. |
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Definition
| The exclusive right to a product for a period of 20 years from the date the product is invented. |
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Term
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Definition
| A government-granted exclusive right to produce and sell a creation. |
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Term
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Definition
| A designation by the government that a firm is the only legal provider of a good or service. |
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Term
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Definition
| The situation where the usefulness of a product increases with the number of consumers who use it. |
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Term
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Definition
| A situation in which economies of scales are so large hat one firm can supply the entire market at a lower average total cost than can two or more firms. |
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Term
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Definition
| The ability of a firm to charge a price greater than the marginal cost. |
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