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WAEC Economics 2007 Question 16

Question 16

Market Structures

Patents are examples of

  1. A.natural barriers to entry
  2. B.legal barriers to entry
  3. C.illegal barriers to entry
  4. D.unnatural barriers to entry.
Show the answer and explanation

Answer: B (legal barriers to entry)

Explanation

A patent is a legal right that stops other firms from producing the invention.