A legal monopoly refers to the exclusive right granted to a company to offer a particular service or product within a specific territory. In exchange, the company agrees to have its policies and rates regulated.
A Patent of Invention is a grant of rights provided by a government to an inventor, giving them the exclusive right to exclude others from making, using, selling, and importing the invention for a specified period, typically 20 years from the filing date of the patent application. This right creates a legal monopoly, enabling the patent holder to control the usage of the invention and potentially monetize it through licenses or sales.
