Multiple Choice
Which of the following statements is true of patents?
A) Patents should be granted for such inventions which cannot be immediately imitated.
B) The cost of granting patents to private firms is more than the benefit,if the goods produced by them are characterized by nonexclusion.
C) In the absence of patents the amount of new knowledge produced will not be socially optimal.
D) A patent grants permanent monopoly power to an inventor.
Correct Answer:
Verified
Correct Answer:
Verified
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