Patents are granted to provide incentives for private firms to innovate.

Name: Patents are granted to provide incentives for private firms to innovate.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Patents are a way to reward and encourage innovation by granting exclusive rights to the inventor to produce and sell the invention for a certain period of time. This gives the inventor a monopoly over their invention, which allows them to recoup their investment and earn a profit, which in turn gives them an incentive to continue innovating.

Patents Are Granted to Provide Incentives for Private Firms to Innovate