passwella.
Menu

WAEC Economics 2012 Question 24

Question 24

Market Structures

The type of monopoly that develops as a result of granting patent right is known as

  1. A.natural monopoly.
  2. B.state monopoly.
  3. C.legal monopoly.
  4. D.discriminating monopoly.
Show the answer and explanation

Answer: C (legal monopoly.)

Explanation

A patent is a legal right, so the monopoly it creates is a legal monopoly.