1. Problem 3 in the “Problems to Ponder” section at the end of
chapter 8 asks about monopoly power.
Consider the statement, “Monopoly 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.”
Do you agree? Discuss your response to the questions in this
problem.