Why do technological monopolies only last for a short period of time?

Explanation:

All the technological monopolies have obtained patent rights for the products which is only for a short period of time. Beyond that time there are various substitutes and imitated products in the market similar to original products.

Also technological monopolies set higher prices for their products but the substitutes are priced lower so customers choose to take substitutes when they are in the market.

Also the technology becomes obsolete very quickly when there is a new technology. In the current market scenario the technology keeps upgrading day by day. When new technology arrives the old ones become obsolete.

cognitive overload: having a lot on your mind impairs decision-making and tends to result in the simplest, but not necessarily best, option being selected.

empathy gaps: overlooking how you might feel in a different situation can result in unnecessary purchases, such as overbuying when shopping for food on an empty stomach.

optimism and overconfidence: wearing rose-tinted glasses and having unrealistic expectations about the future can affect money management and leave you unprepared for a change in circumstance.

instant gratification: seeking instant gratification drives impulsive spending and can undermine long-term planning and savings.

harmful habits: automatic or mindless behaviour can amplify a poor financial decision as it becomes a recurring event.

social norms: we are heavily influenced by the actions of others; while this can be in certain circumstances, it also contributes to the pressure to keep up with the joneses through conspicuous consumption.

it is d i just took the test