Patents grant
A) permanent monopoly status to creators of inventions.
B) permanent right to creators of inventions to produce the product they have invented.
C) temporary monopoly status to creators of inventions.
D) temporary right to creators of inventions to produce the product they have invented.

Question

Quizplus · Accepted Answer

Patents grant temporary monopoly status to creators of inventions, usually for a period of 20 years from the date of filing. During this time, the patent holder has exclusive rights to manufacture, use, and sell their invention, giving them a competitive advantage in the marketplace. This is intended to incentivize innovation by providing a limited period of protection for inventors to recoup their investment in research and development, while also promoting the dissemination of knowledge and the growth of the economy. After the patent term expires, the invention enters the public domain and can be freely used by anyone without permission or payment to the original inventor.

Patents Grant