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

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.