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Non-Competitive Markets — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsNon-Competitive Markets3 Marks
Question
Explain any two sources of restricted entry under monopoly.
✓

Answer

  1. Grant of patent rights:
  1. When a company introduces a new product or new technology it applies to the government to grant it patent certificate by which it gets exclusive rights to produce new product or in use new technology.
  2. Patent rights prevent others to produce the same productor use the same technology without obtaining license from the concerned company. Patent rights are granted by the government for a certain number of years.
  1. Licensing by Government: A monopoly market emerges when government gives a firm license, i.e. exclusive legal rights to produce a given product or service in a particular area or region.

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