The type of monopoly that develops as a result of granting patent right is known as

The correct answer is "legal monopoly". A legal monopoly arises from the granting of exclusive rights to a company or individual by the government. In this case, a patent is a legal right granted by the government that gives the owner the exclusive right to produce and sell a particular product or invention for a certain period of time. Therefore, the monopoly that arises from the grant of a patent is referred to as a legal monopoly. This means that no other company can produce or sell the product without permission from the patent owner, and the patent owner can charge a higher price due to their exclusive right to produce and sell the product.