Patents are granted as a way of providing incentives for private firms to innovate, in recognition of the enormous social benefits generated from innovation.

Question

Quizplus · Accepted Answer

Patents encourage private firms to invest in research and development, leading to new inventions and improvements in technologies. The exclusive rights provided by patents enable firms to reap the benefits of their innovations, which in turn benefits society through increased productivity, economic growth, and improved standards of living.

Patents Are Granted as a Way of Providing Incentives for Private