Problem 3 in the â€œProblems to Ponderâ€ section at the end of chapter 8 asks about monopoly power.
Consider the statement, â€œMonopoly power comes from market acceptance, not from a patent, a prettier product, a slick advertising campaign, or anything else. So rather than spend your time in court, you should be out there drumming up business.â€
Do you agree? Discuss your response to the questions in this problem.
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