From the date a U.S. patent is granted to a firm, it ceases to be a potential source of monopoly profits after
A) 20 years.
B) 14 years.
C) 10 years.
D) 7 years.

Question

Quizplus · Accepted Answer

The correct answer is A) 20 years. After a U.S. patent is granted, it provides the holder with exclusive rights to the invention for a period of 20 years from the filing date of the application. Once the patent expires, the invention enters the public domain, and others can use, make, or sell the invention without permission from the original patent holder. Therefore, a U.S. patent ceases to be a potential source of monopoly profits after 20 years.

From the Date a U