If a government grants monopoly power through a patent,it may beneficial from a social perspective because
A) it may insure fewer consumer products.
B) it may encourage the development of new products.
C) it may encourage higher standards of professional ethics.
D) it may keep down monopoly profits.

Question

Quizplus · Accepted Answer

Granting monopoly power through a patent can encourage innovation and the development of new products, which can have positive social benefits. This can lead to new technologies, medicines, and other products that can improve people's lives. However, monopolies can also lead to higher prices for consumers and limit competition and choice in the market.

If a Government Grants Monopoly Power Through a Patent,it May