Which of the following statements is true about patents and copyrights? (i)
They have benefits and costs.
(ii)
They lead to higher prices.
(iii)
They enhance the ability of monopolists to earn above-average profits.
A)(i) and (ii) only
B)(ii) and (iii) only
C)(ii) only
D)(i), (ii), and (iii)

Question

Quizplus · Accepted Answer

Patents and copyrights have benefits like encouraging innovation and creativity, but they also have costs such as potentially leading to higher prices and enabling monopolists to earn above-average profits by restricting competition.

Which of the Following Statements Is True About Patents and Copyrights