Herzing University Online Microeconomics Frown upon Monopolies Paper – Description
Part 1: Consumers tend to frown upon monopolies. Yet the FTC allows natural monopolies and legal monopolies. Explain the difference between the two and describe an example of each.
Part 2: Trademark, copyright, and patent are necessary in certain industries. Explain why each is important and provide an example of each of them.
Part 3: The circular flow model is the relationship between the goods and services market and the labor market.
Identify the primary economic decision makers
Describe how money and resources are exchanged in the resource market, indicating:
Who gets the resources?
Who gets the income?
Describe how money, goods, and services are exchanged in the product and services market, indicating:
Who receives the goods and services?
Who gets the income?
Explain how you can apply this model to your selected business
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