Reflection Paper

Entry: Despite low prices, high exit barriers discourage firms to enter market due to cost of leaving the market if business turned unsuccessful.

except that enjoyed by a virtue of a patent granted by the United States”. This quote suggests

“The right conferred by the patent grant is, in the language of the statute and of the grant itself, “the right to exclude others from making, using, offering for sale, or selling” the invention in the United States or “importing” the invention into the United States. What is granted is not the right to make, use, offer for sale, sell or import, but the right to exclude others from making, using, offering for sale, selling or importing the invention. Once a patent is issued, the patentee must enforce the patent without aid of the USPTO” (ALEXANDRIA 1).

This results in unused capacity and stronger competition. Therefore it might be difficult for the smaller companies to survive.

Another key factor in oligopolies is that there are significant barriers to entry in the industry. These barriers are constructed by factors such as high fixed costs, availability of resources, and brand loyalty. Smaller firms that wish to enter the market will not have the necessary resources to compete with these large firms. Also in the oligopoly structure, market shares generally change very little from year to year. Many of the gains made in market share are through acquisitions of smaller competitors in the industry which are then consolidated into the parent firm.

Introduction A patent is a right, a monopoly of limited duration, in most cases it is for 20 years. It is a right that prohibits other persons from making, using, selling or importing an invention. An invention is one thing, a way of doing something, which is new, useful, and which does not already exist in nature in the same form. There are several types of patent, but the one we are interested in is the biological patent, which is a patent on an invention in the field of biology that allows the patent holder to prevent others from making it from using it, selling it or importing it. The regulation of biological patents varies from country to country and may include biological technologies and products. Genetically modified organisms and genetic material. The patents of each country are valid only for that country. Thus, a Canadian patent is only valid in Canada and has no application in Germany and may contain specific rights, different from German patents. Each country grants its own patents, but there are several broad principles that are common to all patent systems. A set of international agreements establishes certain general standards that apply to patents; such as the duration of the monopoly, the

Barriers to entry are designed to block potential entrants from entering a market profitably, they seek to protect monopoly power and usually have the effect of making a market less contestable. In a perfectly competitive market barriers to entry are not allowed as otherwise the market would not be perfectly contestable as one firm will have an advantage over another.

Their evidence suggests two conclusions, the effects of patents on follow-on innovation appear to be quantitatively small, and patent protection on human genes does not appear to have hindered follow-on innovation,

To keep the monopoly over the industry firms created barriers to entry, patents, copyrighting property.

2a) Barriers to entry are at time in place to prevent other firms from joining monopoly or oligopoly markets. An example of a barrier entry for Monsanto in forming their market power is through government-created monopoly. As a result of the US government patenting and establishing legislation, Monsanto has the ability to “license” its product and other companies are unable to produce a product identical to it unless granted to. This leads to Monsanto gaining market power, as it is the only legal entity that is able to supply these patented seeds for a period of time.

Recently, Congress and the courts in the United States have been active in reining in what many have seen as patent system that has run amuck. In the process, they have placed a number of limits on patent holders’ ability to effectively and successfully enforce patents. But as opportunities to enforce intellectual property through patent suits have been narrowed, another IP door appears to be opening.

However, patent is choice of an individual. It is not mandate under law. An individual have liberty to decide for the same. While deciding, consideration should be made to the following:

Over the course of the semester, there has been numerous amount of areas where I believe I have improved in comparison to high school. What has helped me in my writing is the writing class and the in-class writing workshop. The writing class that is located in the Kremen education building has helped me with my writing greatly because in the writing center the person in charge teach us lenses and we apply those lenses to the writing, draft, or reading that someone brings in. The in-class writing workshop has helped me because other students get to read my writing. This is helpful because I get feedback from many students and they let me know what needs to be fixed. A new tool I have been using is They Say I Say. The book is very helpful because of the information and examples it provides such as the templates. I have been applying the templates into my essays and I have seen a significant difference.

A patent is an exclusive right granted for an invention, product or process that provides a new way of doing something, or that offers a new technical solution to a problem. An invention in general must fulfill certain criteria in order to be protected by a patent. For example, the Patents Act, 1970 in S. 2(1) (j) defines invention as a new product or process involving an inventive step and capable of industrial application. In other words, an invention in order to be patentable must show an element of novelty, must show “an inventive step”, and must be of practical use. Particularly, the Patents Act, 1970 defines “inventive step” as a feature of an invention that involves technical advance as compared to the existing knowledge or having economic significance or both and that makes the invention not obvious to a person skilled in the art. In other words, patent rights are not available for new advances that are merely obvious extensions or modifications of prior designs. Besides, the requirement of difference over prior art, there is a requirement to establish the extent of common general knowledge that exists while

There are different types of market situation a firm has to face which directly affect the price and the quantity demanded and supplied in the economy. The major types of market structures prevalent in the economy are perfect competition, monopolistic market, monopoly, oligopoly and duopoly. Here, in this essay we will be elaborating about three market conditions i.e. monopoly, oligopoly and duopoly where monopoly is characterized by single seller in the market selling unique products with high barriers to entry which makes it difficult or impossible for others firms to enter the market. As a result, firm can enjoy abnormal profit by owning the fundamental resources, licenses and patents that create legal barriers to other