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Question
Find the odd word out:
Legal monopoly:
Options
Patent
OPEC
Copyright
Trademark
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Solution
OPEC
Explanation:
A monopoly created by legal provisions of the government, such as patents, trademarks, copyrights is called a legal monopoly. Under this monopoly, potential competitors are prohibited from entering under the registered trademarks. It is also prohibited to imitate that mark or shape. E.g., Amul’s products.
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RELATED QUESTIONS
Name and explain the types of monopoly.
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Tea of Assam : ______ : : India Railways : Public monopoly.
- Assertion (A): Legal monopoly is created by registering a trade mark of a product.
- Reasoning (R): Legal action can be taken against a competitive firm copying a trade mark.
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