patent monopoly

patent monopoly definition - business

patent monopoly

A monopoly created by government grant of a patent. For example, the Bell System monopoly on telephone service was based on patents granted in the 1870s. By the 1930s, Bell had thousands of patents that gave it a virtual monopoly on long-distance voice transmission.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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