5) A musician was guaranteed by the government that no one else could replicate

Question

5) A musician was guaranteed by the government that no one else could replicate or sell his music CDs This is an example of a: A) brand. B) patent. C) copyright. D) trademark. 6) Which of the following statements is true? A) A monopolist faces an upward sloping demand curve. B) A perfectly competitive firm faces an upward sloping demand curve. C) A monopolist can increase the price of its product and not lose all of its business. D) A perfectly competitive firm can increase the price of its product without losing its business.

Explanation / Answer

Protecting the music composed by a musician by the government is an example of copyright. The copyright holder will have exclusive rights over the music cds composed by him and no one else can copy or reproduce tha cds.

The monopolist can increase the price without losing all customers. The logic behind this is that monopolist has full control over price and no close substitute is available in the market. The demand curve for monopolist is downward sloping unlike perfectly competitive market where it is horizontal and parallel to x axis. The perfectly competitive firm has no control over price and is only price taker.

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