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    Patents have been defended by some on the grounds that they stimulate inventive activity. Others have argued for changes in current patent laws because:

    a. resources are misallocated by the grant of a patent monopoly

    b. patents may not be necessary to encourage inventive activity

    c. the current patent monopoly period (17 years) is too short to encourage any inventive activity.

    d. a and b only

    e. all of the above

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    Solution Summary

    Patents are explained briefly.