A Monopoly Has Produced a Product with a Patent for the Last

question 129

Multiple Choice

A monopoly has produced a product with a patent for the last few years. The patent is going to expire. What will likely happen to the demand for the patent-holder's product when the patent runs out?

• A) Demand will increase.
• B) Demand will decline.
• C) Nothing.
• D) None of the answers is correct.

---

Definitions:

Absolute

Something that is considered to be universal, unconditional, and complete in itself, often used in the context of truth or moral principles.

Utilitarian Theory

A normative ethical theory that posits the best action is the one that maximizes utility, typically defined as that which produces the greatest well-being of the greatest number of people.

Interests

Concerns, benefits, or advantages of a person or group.

Utilitarian Theory

A normative ethical theory suggesting that the best action is the one that maximizes utility, typically defined as that which produces the greatest well-being of the greatest number of people.