The laws governing patents and copyrights
A)can lead to monopolies.
B)are intended to serve private interests, not the public interest.
C)have costs, but no benefits.
D)eliminate the need for firms to engage in research and development.

Question

Quizplus · Accepted Answer

Patents and copyrights can lead to monopolies because they give exclusive rights to the owners to use, manufacture, and sell their products or ideas. This can prevent competition and hinder innovation. However, these laws are intended to incentivize innovation by granting temporary monopolies as a reward for inventing or creating something new. While there are some costs, such as fees for filing and maintaining patents, there are also benefits such as promoting innovation and protecting the rights of creators.

The Laws Governing Patents and Copyrights