The purpose of intellectual property rights is to ________.
A)prevent excessive regulation and government bureaucracy
B)grant a firm permission to use another firm's proprietary names
C)allow inventors monopoly advantage for a specified period of time
D)allow a firm to use an entire business system in exchange for compensation

Question

Quizplus · Accepted Answer

The purpose of intellectual property rights is to grant inventors and creators exclusive rights to their work for a limited period of time (typically 20 years for patents), allowing them a monopoly advantage to exploit their innovation and earn returns on investment. This exclusive right enables the inventor to control the use and commercial exploitation of the innovation, preventing others from using, manufacturing, or selling it without the owner's permission.

The Purpose of Intellectual Property Rights Is to ________