If a firm develops a new product and applies for a patent to protect themselves from others building the same product,the firm is following which strategy?

Name: If a firm develops a new product and applies for a patent to protect themselves from others building the same product,the firm is following which strategy?
Brand: Quizplus
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Question

Quizplus · Accepted Answer

By applying for a patent, the firm is raising barriers to entry, making it difficult for competitors to create the same product and enter the market.

If a Firm Develops a New Product and Applies for a Patent