Patents:
A)are meant to encourage innovation.
B)discourage innovation.
C)encourage innovation and competitive pricing.
D)lead to too much output produced.

Question

Quizplus · Accepted Answer

Patents are legal protections granted to inventors or companies for a certain period of time and are meant to encourage innovation by allowing the inventor or company to have a monopoly on the production and sales of their invention. This encourages them to invest time and resources into researching and inventing new products or technologies.