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It depends entirely on the license applied to the software. Some open source licenses may allow for this, but generally speaking, you hit two problems: firstly, if the software is open source, people will choose to download an ad-free version of the software instead. Secondly, you'd need to question the ethics of doing this; someone has spent a great deal of time and effort creating an open source application, and adding advertisements to redistribute it and make money on their effort would be seen as very morally wrong.

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Q: Is it legal to place ads on an open source app and then redistribute it?
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