Bowflex, Inc., which manufactures total strength training systems for home use, obtained a patent on its power rods. Bowflex has a(n) ____ for this product.

Question

Quizplus · Accepted Answer

Bowflex has a limited monopoly on its power rods due to the fact that they obtained a patent. A patent gives the holder exclusive rights to manufacture and sell the product for a limited period of time. This does not necessarily make Bowflex a monopoly in the broader sense of the market, but it does give them a temporary advantage over competitors in the specific product category.