Final answer:
Good brands are valuable legal property due to their reputation and customer loyalty, allowing them to charge higher prices and maintain market dominance.
Step-by-step explanation:
Good brands are enormously valuable pieces of legal property because they have established a strong reputation and customer loyalty. Brands represent the trust and quality associated with a particular product or service, which can lead to higher demand and sales.
For example, a well-established brand like Apple has built a reputation for innovative and high-quality products, and this reputation allows them to charge higher prices compared to generic competitors.
Furthermore, brands often invest significant resources in marketing, advertising, and product development to maintain and enhance their brand image, making it difficult for new entrants to compete in the market.