process. Intellectual property rights include patents, which give the inventor the exclusive legal right to make,

use, or sell the invention for a limited time, and copyright laws, which give the author an exclusive legal right

over works of literature, music, film/video, and pictures. For example, if a pharmaceutical firm has a patent on

a new drug, then no other firm can manufacture or sell that drug for 20 years, unless the firm with the patent

grants permission. Without a patent, the pharmaceutical firm would have to face competition for any

successful products, and could earn no more than a normal rate of profit. With a patent, a firm is able to earn

monopoly profits on its product for a period of time—which offers an incentive for research and development.

In general, how long can “a period of time” be? The Clear It Up discusses patent and copyright protection

timeframes for some works you might know.

CLEAR IT UP
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