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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.