Nautilus,Inc.,which manufactures total strength training systems for home use,obtained a patent on its power rods.Nautilus has a(n)____ for this product.
A) monopoly
B) oligopoly
C) natural monopoly
D) limited monopoly
E) illegal monopoly

Question

Quizplus · Accepted Answer

Nautilus has a limited monopoly for its power rods, as they have obtained a patent which grants them exclusive rights to produce and sell the product for a limited period of time (usually 20 years). This means that during this time, Nautilus has a monopoly on the production and sale of these power rods, but after the patent expires, competitors may enter the market.