How do patents affect markets what constitutes a monopoly

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Reference no: EM133440451

Questions:

1) How do patents affect markets?

2) What constitutes a monopoly?

3) Are there any justifications for a monopoly?

4) How does competition affect monopoly power?

5) What is different about monopolistic competition and perfect competition? (How about some examples of each)

6) What is the demand for a monopolistically competitive firm's product and what determines its shape? (Does advertising help monopolistically competitive firms or perfectly competitive firms - why/how?)

7) Describe an oligopoly and indicate what some of the issues that arise with it in terms of benefits/costs to society. How does the interdependence work and what constitutes a cartel?

8) This area of economics covering perfect (pure) competition through monopoly is called market structures. What I would like you to do is to is pick two structures and compare/contrast them.

Reference no: EM133440451

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