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

question 12

Multiple Choice

A monopoly has produced a product with a patent for the last few years. The patent is going to expire. What will happen after the patent expires?

• A) The incumbent will leave the market.
• B) The incumbent will retain its status as a monopoly but produce at a lower price.
• C) Some firms will enter the industry.
• D) None of the answers is correct.

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Definitions:

Mechanoreceptors

Sensory receptors that respond to mechanical pressure or distortion.

EEG

Electroencephalogram, a test that measures and records the electrical activity of the brain.

Meissner Corpuscles

Specific nerve terminations in the skin designed to respond to the sensation of light touch.

Mechanoreceptors

Sensory receptors in the skin and other body parts that respond to mechanical pressure or distortion, playing a key role in touch, pressure, and sound sensation.