Which of the following statements is true about patents and copyrights? i) They have benefits and costs.
Ii) They lead to higher prices.
Iii) They enhance the ability of monopolists to earn above-average profits.
A) i) and ii) only
B) ii) and iii) only
C) ii) only
D) i), ii), and iii)

Question

Quizplus · Accepted Answer

Patents and copyrights have benefits like encouraging innovation but also have costs such as limiting competition. They can lead to higher prices due to reduced competition and allow monopolists to earn above-average profits by protecting their market position.

Which of the Following Statements Is True About Patents and Copyrights