Aman named alexander graham bell received a patent for his telephone invention in 1876. today, many americans carry a cell phone around with them. define patent law and describe how patents encourage competition. plz

The patent law applies when a person invents something and then describes it on a patent. When that patent is submitted and approved, no one else can claim invention of that item. Patents encourage competition because the first person to come up with a great idea for an invention and patent it will own the idea: people want to be the first and are motivated.

high entry costs prevent new producers from entering the market.

explanation:

an oligopoly is a term used to clarify the structure of a particular market, industry, or organization. a market is considered oligopolistic or amazingly focused when it is shared between a few companies.