If a government grants monopoly power through a patent,it may beneficial from a social perspective because:

Question

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Granting monopoly power through a patent may encourage the development of new products as it gives innovators the exclusive right to profit from their creations for a certain period of time, which can incentivize companies and individuals to invest in research and development to create new and innovative products. This can ultimately benefit society by providing new products and technologies that improve quality of life.

If a Government Grants Monopoly Power Through a Patent,it May