Question

patents are granted to inventors of a product or process for a certain number of years. the reason for this is to encourage innovation in the economy. without the existence of patents, it is argued, research and development for improved pharmaceutical products is unlikely to take place, since there’s nothing preventing another firm from stealing the idea, copying the product, and producing it without incurring the development costs.

Answer 1

Barriers to Entry are Government-Created Monopolies.

A monopoly, as described by way of Irving Fisher, is a marketplace with the "absence of opposition", creating a state of affairs wherein a specific man or woman, or company is the handiest dealer of a selected aspect. In a natural monopoly, a producer controls the marketplace due to the fact it can meet the needs of all clients.

herbal monopoly: exists due to the excessive begin-up expenses or effective economies of scale of accomplishing an enterprise in a selected industry. A producer is probably the only issuer or services or products in an enterprise or geographic area.

authorities monopoly: A compelled form of market domination wherein a national, nearby or local management, organization or corporation is the only issuer of a specific true or service and opposition is prohibited by way of regulation. a government monopoly is normally created and run with the aid of a central authority, as opposed to by a non-public business.

technological monopoly, a producer controls production strategies important to supply a positive product, or has exceptional rights over the generation used to manufacture it.

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