For you own study be prepared to defineand give an example or a brief explanation for each of the following key terms:

imperfect competition, monopoly, monopolistic competition, oligopoly

patent, copyright, intellectual property

Please list out and answer the following questions:

1. Why isn't a monopolist a price taker?

2. A. To sell more what must a monopolist do?

B. What does this mean in terms of marginal revenue?

3. What situation allows for a natural monopoly to exist?

4. If there is only one producer of a service due to a natural monopoly, how do societies ensure that the natural monopolist does not earn large monopoly profits?