What is the patent system intended to do?
A) Reward innovators by granting them temporary monopolies.
B) Give small businesses a competitive edge over larger businesses.
C) Spread information among firms as quickly and economically as possible.
D) Prevent natural monopolies from unfairly exploiting their cost advantages.

Question

Quizplus · Accepted Answer

The patent system is intended to reward innovators by granting them temporary monopolies over their inventions, usually for a period of 20 years. This is meant to encourage innovation and investment in research and development, by giving inventors a limited period of exclusivity in which to profit from their inventions before they become available to the public.

Answer: D 
 While preventing natural monopolies from unfairly exploiting their cost advantages may be a desirable outcome, it is not the primary goal of the patent system. The primary goal is to encourage innovation and scientific progress by providing incentives for inventors to invest in research and development, and to share their ideas and technology with the broader public.

What Is the Patent System Intended to Do