Patents are granted for 20 years, but pharmaceutical companies can't use their patent-guaranteed monopoly powers for anywhere near this long because it takes several years to acquire fda approval of drugs. suppose it is proposed that the life of drug patents be extended to 20 years after fda approval. what would be the costs and benefits of this extension?

Lillypad toys is a manufacturer of educational toys for children. six months ago, the company's research and development division came up with an idea for a unique touchscreen device that can be used to introduce children to a number of foreign languages. three months ago, the company produced a working prototype, and last month the company successfully launched its new device on the commercial market. what should lillypad's managers prepare for next? a. increased competition from imitators b. a prolonged period of uncontested success c. a sharp decline in demand for the product d. a difficult struggle to move from invention to innovation