Answer to Question #183412 in Microeconomics for James

Question

QUESTION 9

Most legal monopolies are:

1. Products necessary for everyday life.
2. Socially beneficial.
3. Utilities.
4. All of the above.
5. None of the above.  

QUESTION 10

In certain areas like the invention of new software, it has been unclear:

1. Whether patent or copyright protection should apply.
2. How long to apply copyright protection.
3. Who holds the patent rights.
4. All of the above.
5. None of the above.

QUESTION 11

A firmly established brand name:

1. Is a recipe for disaster.
2. Is easy to dislodge.
3. Can be difficult to dislodge.
4. Has no trademark protection.
5. Has only very limited trademark protection.

QUESTION 12

Perfect competition is no longer a reasonable description of how an industry works:

1. Since 9/11.
2. Since 2003.
3. Afternoons.
4. When barriers to entry exist.
5. When barriers to entry do not exist.

Answer 1

QUESTION 9. Most legal monopolies are (2) socially beneficial.

QUESTION 10. In certain areas like the invention of new software, it has been unclear (1) Whether patent or copyright protection should apply.

QUESTION 11. A firmly established brand name (3) can be difficult to dislodge.

QUESTION 12. Perfect competition is no longer a reasonable description of how an industry works (5) when barriers to entry do not exist.