The meaning of monopoly - Why Do monopolies Exist? - government-created Barrier

5 important questions on The meaning of monopoly - Why Do monopolies Exist? - government-created Barrier

What do we call the right given to the inventor of a new product the sole right to make, use, or sell an inventing for between 16-20 year?

Patent

What do we call the right given to the creator of literacy, or artistic work the sole right to profit a for between 50 year to lifetime?

Copyright

What is the justification for patent and copyrights? Why?

The justification is a matter of incentives.
if inventors are not protected by patent they would gain little reward from their efforts
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Is the duration pf a monopoly determined properly? why?

No
because the determination system is imperfect and may lead to some missed opportunities, and cause welfare issues

What compromise does a temporary monopoly strike?

The higher price for the goo that holds  to compensate the investors for their costs
then later a lower price  that results once the legal protection is over and competition emerges and increases economic efficiency

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