Legally, a patent grants a firm an exclusive right to its innovation for a period of
A) 1 year
B) 5 years
C) 10 years
D) 14 years
E) 17 years

Question

Quizplus · Accepted Answer

In most countries, a patent grants an exclusive right to an innovation for a period of up to 20 years from the filing date, which effectively can be around 17 years from the grant date due to the time it takes for the patent to be granted. The options provided do not include 20 years, so the closest and historically accurate option for certain types of patents, such as design patents in the United States before certain changes, is 17 years.

Legally, a Patent Grants a Firm an Exclusive Right to Its