A man 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.
Patent law is the area of law that relates to intellectual property rights. When one can't come into agreement with the patent/copyright holder then they are motivated to produce a variation or an improvement on it and get their own patent/copyright for themselves. Then the new products/materials are developed and it competes with an existing patent or copyright.