Patents and Copyrights Essay Example | Topics and Well Written Essays - 250 words

Patents and Copyrights - Essay Example In such a society, innovation would be stifled. In the scenario mentioned above, if Google obtained a patent for their new software, they may have market power and that may enable them to charge high prices for the software. However, Google may not charge whatever they want even though market power gives them the ability to set the prices. The seller will set the price in relation to the demand curve because if the price is set too high, a downward-sloping demand curve is imminent, hence a decrease in demand (Richard , 2012). In conclusion, the existence of a patent prevents others from producing and selling the patented product. It is on these grounds that a patent is considered a monopoly privilege granted by the government. Additionally, the monopoly grant has a prima facie impact on trade, because the monopoly conferred by the patent is the right to exclude others from manufacturing or selling the patented product. On the other hand, copyright is not a right to the exclusive use of a fact, an idea, or a combination, which by the natural law of property all are free to use; but only to the labor expended in the thing itself (Journal of Libertarian Studies,