Patent laws promote technical progress in all of the following ways except one.Which is the exception?
A)They allow other firms to copy successful products as soon as they are marketed.
B)They prevent duplication of inventions.
C)They provide a stimulus to innovation.
D)They provide the inventor with a temporary monopoly.
E)They increase a firm's incentive to incur the up-front costs of developing new products.

Question

Quizplus · Accepted Answer

Patent laws do not allow other firms to copy successful products as soon as they are marketed. Rather, they provide the inventor with a temporary monopoly to prevent duplication of inventions and increase a firm's incentive to incur the up-front costs of developing new products, thus promoting technical progress. Additionally, they provide a stimulus to innovation by rewarding inventors for their creativity and encouraging the disclosure of new ideas.

Patent Laws Promote Technical Progress in All of the Following