Final answer:
A company can obtain new products by acquiring a patent or license. A patent grants the inventor exclusive rights to an invention for a limited time, while a license allows a company to produce someone else's product. These options promote innovation and new product development.
Step-by-step explanation:
One way for a company to obtain new products is by acquiring a patent or license. A patent grants the inventor the exclusive legal right to make, use, or sell the invention for a limited time, typically 20 years. During this period, no other company can manufacture or sell the patented product without permission. This offers the patent holder a monopoly over the product, allowing them to earn monopoly profits.
Alternatively, a company can acquire a license to produce someone else's product, which grants them permission to manufacture and sell the product. Both options provide companies with new products and innovation.