What is the term for a legal monopoly granted by the government to an inventor to produce a specific product for a certain period of time? A. Patent B. Copyright C. Trademark D. Trade secret. full explain

What is the term for a legal monopoly granted by the government to an inventor to produce a specific product for a certain period of time? A. Patent B. Copyright C. Trademark D. Trade secret. full explain

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

What is the term for a legal monopoly granted by the government to an inventor to produce a specific product for a certain period of time?

A. Patent

B. Copyright

C. Trademark

D. Trade secret.

full explain

Definition Definition Market structure in which a single company dominates the entire industry. In a monopoly market, there are no close substitutes for the goods and services offered by the monopoly.

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