Patents
A) slow the flow of benefits from research and development to consumers.
B) are granted for a period of 10 years in the United States.
C) create monopolies and are thus efficient.
D) All of the above are correct.

Question

Quizplus · Accepted Answer

Patents can slow the flow of benefits from research and development to consumers because they grant the patent holder exclusive rights to the invention, potentially limiting access or increasing costs for consumers until the patent expires. Patents are actually granted for a period of 20 years in the United States, not 10 years. While patents do create a temporary monopoly for the patent holder, this is generally not considered efficient from an economic perspective; rather, it's a trade-off to incentivize innovation.