Intellectual property is a temporarily protected one due to patent and copyright law.
This phenomenon could theoretically allow each consumer to be charged their reservation price, and increasing returns to scale allow a "natural" form of it. In this situation, prices are set above marginal revenue; thus, firms are(*) price-makers. Intellectual property is a temporarily protected one due to patent and copyright law. AT&T and Standard Oil were examples of these that were broken up by antitrust suits. For 10 points, identify this market state in which there is only one supplier of a particular good, the opposite of perfect competition.
This phenomenon could theoretically allow each consumer to be charged their reservation price, and increasing returns to scale allow a "natural" form of it.
{monopoly} [or word forms, do not accept or prompt on “monopsony”]