Why does the government issue patents? The government issues patents CA to encou

Question

Why does the government issue patents? The government issues patents CA to encourage firms to spend money on the research and development necessary to create new products B. to limit excessive economic profits in the short run before new firms have had time to enter profitable markets. C. to encourage competition among firms in markets with barriers to entry. XD. to prevent firms from keeping secret how a product is made. E. How long do patents last? A patent is the exclusive right to a product for a period ofyears from the date the patent is filed with the government. (Enter your response as an integer.) to ensure that new products are safe and effective for consumers.

Explanation / Answer

Answer

option A

the government issues the patent to encourage firms to spend money on research and development so that the firms will get the opportunity cost of making a new product or innovation.

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20 years

In the US, patent last for 20 years from it filed

  

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