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Chapter 9: Q.12 (page 232)

How is intellectual property different from other

property?

Short Answer

Expert verified

Intellectual property is intangible creations of the human mind while other properties mostly refer to a physical form of property.

Step by step solution

01

Step 1. Meaning

Intellectual property might not have a physical form while other properties have a physical form such as land, property, bonds, etc.

Copyrights, patents, trademarks, and trade secrets are examples of intellectual property.

02

Step 2. Example,

when A musician creates a song then, that song is his intellectual property. He will have its copyright, hence, if someone wants to use that song for monetary purposes then he/she has to pay that musician.

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Most popular questions from this chapter

Suppose the local electrical utility, a legal monopoly based on economies of scale, was split into four firms of equal size, with the idea that eliminating the monopoly would promote competitive pricing of electricity. What do you anticipate would happen to prices?

1. Classify the following as a government-enforced barrier to entry, a barrier to entry that is not government-enforced, or a situation that does not involve a barrier to entry. a. A patented invention b. A popular but easily copied restaurant recipe c. An industry where economies of scale are very small compared to the size of demand in the market d. A well-established reputation for slashing prices in response to new entry e. A well-respected brand name that has been carefully built up over many years

What is a barrier to entry? Give some examples.

What legal mechanisms protect intellectual property?

What is predatory pricing?
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