The justification for the patent system is that it
A) protects desirable monopolies
B) encourages innovation
C) discourages the development of substitute goods
D) guarantees high profit for the monopolies so that they can use the profit as a source for research and development
E) discourages competition

Question

Quizplus · Accepted Answer

The primary justification for the patent system is to encourage innovation by granting inventors exclusive rights to their inventions for a limited period, thereby incentivizing the creation of new products and technologies.

The Justification for the Patent System Is That It