ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -An example of a monopoly would be a drug that is the only effective treatment for a specific condition. One misleading issue related to patents is that they are often grouped with other forms of intellectual property: Copyrights. Trademarks.

Detailed explanation-2: -A patent can be viewed as a sort of mini-monopoly in that the patent owner is granted the power to prevent others from using their protected technology without a license or other permission. However, it is always possible for others to negotiate with the patent owner to make use of the technology.

Detailed explanation-3: -Companies that have patents or extensive research and development costs such as pharmaceutical companies are considered natural monopolies.

Detailed explanation-4: -A patent is the government grant of monopoly on an invention for a limited amount of time. Patents in the United States are granted for seventeen years from the date the patent is issued or for 20 years from the date of filing. Other countries grant patents for similar time periods.

Detailed explanation-5: -Patents are government grants of temporary monopolies to creators of useful and ornamental inventions. A patent serves as a protection, preventing others from the unauthorized making, using, selling, or offering to sell the invention for a fixed time period-20 years in the case of utility patents.