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Simple English definitions for legal terms

legal monopoly

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A quick definition of legal monopoly:

A legal monopoly is when the government gives permission to a business to be the only one that can provide a certain service or product. This means that no other company can compete with them. It is different from a natural monopoly, which happens when there is only one company that can provide a service or product because of the circumstances. Patents are also a type of legal monopoly, where the person who invents something has the exclusive right to make, use, and sell it for a certain period of time.

A more thorough explanation:

A legal monopoly is a situation where a business or individual has exclusive control over the production or sale of a particular product or service within a given region. This means that there is no competition in the market, and the monopolist can set prices and control supply without fear of losing customers to competitors.

Examples of legal monopolies include:

  • Public utilities, such as electricity, gas, and water, which are granted exclusive rights by the government to provide these services to consumers.
  • Patents, which give inventors the exclusive right to make, use, and sell their inventions for a certain period of time.

For instance, a company that holds a patent for a new drug can charge high prices for it because there are no other companies producing the same drug. Similarly, a public utility company can charge whatever rates it wants because it is the only provider of that service in the area.

Legal monopolies can be beneficial in some cases, such as when they encourage innovation and investment in new technologies. However, they can also lead to higher prices, reduced quality, and less choice for consumers.

legal mind | legal moralism

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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