Arguments Related to Patent Laws
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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
This solution discusses the concept of patent laws and clearly explains which statements are true and which are not. An explanation as to why the correct response is in fact right, is provided. This is all completed in about 160 words.
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The best answer is "a and b only".
a) Resources are misallocated by the grant of a patent monopoly.
True. A company with a patent monopoly will maximize its profits at a level of production smaller than that which would occur in a ...
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