Since Patent Laws Create Monopoly Power in the Short Run

Multiple Choice

Since patent laws create monopoly power in the short run and thus provide a strong incentive for firms to undertake the risk and effort involved in the development of a technological improvement, we can expect that patent laws

A) are inefficient.
B) are damaging to consumer welfare in the long run.
C) reflect the power of special interests and the impact that they exert on the regulatory policy.
D) may lead to improved products at a lower cost in the long run.