Which of the following is the function of a patent?
A) A patent encourages more rapid technological diffusion by requiring the inventor to license the invention to anyone at no charge for three years.
B) A patent allows the inventor to prevent others from making or selling an invention for a period of years to encourage innovation.
C) A patent produces revenue for the federal government by giving the government a percentage of the licensing fees from new inventions.
D) A patent prevents the inventor from licensing the invention to anyone for a period of 20 years to encourage the inventor to more thoroughly develop the idea.

Question

Quizplus · Accepted Answer

A patent allows the inventor to prevent others from producing the invention for some years, allowing the inventor to gain a reward for innovation in the form of temporary monopoly profits. This increases the private return to innovation.

Which of the Following Is the Function of a Patent