econ wr 3.docx - Riley Johnson Econ 101 section 4 Dr Love Assignment 3 A patent is the exclusive right by a government to an inventor to manufacture use

econ wr 3.docx - Riley Johnson Econ 101 section 4 Dr Love...

This preview shows page 1 out of 1 page.

Riley Johnson Econ 101 section 4 Dr. Love Assignment 3 A patent is the exclusive right by a government to an inventor to manufacture, use, or sell an invention for a certain number of years (10-15). The reason for patents is to give inventors sole ownership, allowing the inventor to have a set number of years to take advantage of his/her product, if the product was open to the public then people could take the idea tweak it and sell their idea. The law allows the original owner to have the competitive advantage in the market. How a patent creates a monopoly is buy only allowing one entity to have rights to a product. When the patent runs out it is then open to the public, allowing others to use the product as their own, but since the separation of when the product came out and is open to the public is so large it give competitive advantage to the inventor. Brand-name pharmaceutical companies can delay generic competition that lowers prices
Image of page 1

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Ask Expert Tutors You can ask 0 bonus questions You can ask 0 questions (0 expire soon) You can ask 0 questions (will expire )
Answers in as fast as 15 minutes