Examlex
Which of the following statements regarding a competitive market is not correct?
Patents
Legal rights granted to inventors that prevent others from making, using, or selling their invention without permission for a certain period of time.
Innovation
The introduction of new ideas, goods, services, and practices to the market, which significantly improves or enhances value.
Invention
The creation of a new product, process, or idea that did not exist before, which typically involves innovation and creativity.
Natural Monopoly
A market condition where a single supplier is most efficient in providing goods or services due to high fixed or startup costs.
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