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A software company has a patent allowing it to be the exclusive provider of a software programme against a popular computer virus that takes control
A software company has a patent allowing it to be the exclusive provider of a software programme against a popular computer virus that takes control of all your social networking accounts. The duration of this patent is twenty years.
1.(b) Discuss and explain why this company is able to charge a price higher than the marginal cost (MC) for this software as monoploistic. Clearly illustrate your answer using appropriate graphs of your own.
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