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JAMB Economics 2012 Question 25

Question 25

Market Structures

Patents and copyrights enable monopolists to

  1. A.determine the quality of their products
  2. B.determine the sale of their products
  3. C.restrict information from to new firms
  4. D.restrict entry of new firms.
Show the answer and explanation

Answer: D (restrict entry of new firms.)

Explanation

Patents and copyrights give the holder the sole legal right to produce, so other firms cannot enter the market.