Question on: JAMB Economics - 2012
Patents and copyrights enable monopolists to
A
determine the quality of their products
B
determine the scale of their products
C
restrict information flow to new firms
D
restrict entry of new firms
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Correct Option: B
Patents and copyrights grant exclusive rights to inventors and creators, allowing them to control the production and sale of their creations. This exclusivity effectively restricts other firms from entering the market, as they cannot legally produce or sell the same products or services.
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