Efforts by firms to secure patents increase the amount of competition in the affected markets.

Name: Efforts by firms to secure patents increase the amount of competition in the affected markets.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Efforts by firms to secure patents limit competition by granting them exclusive rights to produce, use or sell the patented product or process. This allows them to charge higher prices and restrict entry of new competitors into the market, resulting in lower competition.

Efforts by Firms to Secure Patents Increase the Amount of Competition