A patent can protect a monopoly from competitors attempting to enter the market to compete for the monopoly's higher profits.

Name: A patent can protect a monopoly from competitors attempting to enter the market to compete for the monopoly's higher profits.
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Question

Quizplus · Accepted Answer

A patent grants the holder exclusive rights to an invention, effectively preventing competitors from entering the market with the same or a substantially similar product, thereby protecting the monopoly's higher profits.

A Patent Can Protect a Monopoly from Competitors Attempting to Enter