Patents are examples of

Patents are examples of legal barriers to entry. A patent is a legal right granted to an inventor or assignee that gives them exclusive rights to make, use and sell their invention for a certain period of time, usually 20 years from the date of filing. By having a patent, the inventor can prevent others from making, using or selling their invention without their permission, which can create a legal barrier to entry for potential competitors. This means that the inventor has a temporary monopoly on their invention and can potentially earn higher profits. Overall, patents are a way to encourage innovation by protecting the rights of inventors and providing them with the potential to earn returns on their investment. They also serve as a legal barrier to entry, limiting competition and potentially allowing the inventor to establish a dominant position in the market.