firms incurred no cost in developing new technologies and new products, al of th

Question

firms incurred no cost in developing new technologies and new products, al of the following will be true, except there would be still be need for patents so that firms have can have some government protection to charge high price; there would not be any need for patents as the government does not need to protect the inventor any more there would not be any need for patents because firms will not spend money on research to develop the innovation there would not be any need for patents because there is no exclusive right on innovation freely avail Me to everyone

Explanation / Answer

The correct answer is option D: There would not be any need for patents because there is no exclusive right on innovation freely available to everyone.

The above statement is not true since innovation is not limited to anyone. When the patent expires, then the exclusive rights on innovation will be freely available to everyone.

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