WAEC - Economics (2012 - No. 24)
The type of monopoly that develops as a result of granting patent right is known as
natural monopoly
state monopoly
legal monopoly
discriminating monopoly
Explication
A legal monopoly, also known as a statutory monopoly, is a firm that is protected by law from competitors. Patent rights are exclusive right conferred by a patent. This means only the company with the patent can make or produce the product.