WAEC Economics 2012 Objective — Question 24
Question 24 of 49 from the West African Examinations Council (WAEC) Economics 2012 Objective paper, with the correct answer and a full explanation.
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The type of monopoly that develops as a result of granting patent right is known as
- A. natural monopoly
- B. state monopoly
- C. legal monopolyCorrect
- D. discriminating monopoly
Explanation
Legal monopoly is the one backed up by law. When a firm has the legal permit to be the only seller or producer of a commodity, he is said to have patent right.
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