Economics

Monopoly, as defined in economics, is when a company or an individual has an overall control over a given product or good and on how other people shall access it or use it. In this regard, monopoly is thus lack of economic competition for a given good or service by lacking substitute goods or services in the market providing the same help (Pindyck  Rubinfeld 2001).

In monopoly market, the monopolist has the power to control the market and set his own prices. The government supported monopolies that gives the inventor about 17 years operating without any competitor coming up in the market, is beneficial to the Nation because it encourages inventors with unique and new technologies emerge and increase the range of technology. Example of this, an inventor can invent a mobile phone with a camera, since the law would protect him from others who have the same ideas, will on the other hand encourage advancement to avoid the violation of patency through inventing a more advanced phone serving the same purpose but with may be a video and a Bluetooth.

In monopolist market, with high demand of the product, the company or the inventor will be forced to have a mass production reducing the cost of production and operation. This will in turn bring in large profits that could be used in researches and development of the product (Pindyck  Rubinfeld 2001).

With less demand of the experts, only the highly qualified experts would have an opportunity in the market therefore trying their best to improve and coming up with new technologies and techniques to improve the product thus enhancing the quality of the product taken to the market.

With government protection, the company will have no risk of its products being counterfeited or their trademark stolen. This will enable the company have a bigger market share than it would have in free market (Samuelson,  Marks, 2005).