Which of the following statements is false?
A)Congress has granted the U.S.Postal Service the exclusive franchise to deliver first-class mail.
B)A natural monopoly exists where economies of scale are so pronounced in an industry that only one firm can survive.
C)In the United States patents are granted for a period of 10 years.
D)A public franchise is a right granted to a firm by government that permits the firm to provide a particular good or service and excludes all others from doing the same.

Question

Quizplus · Accepted Answer

In the United States, patents are granted for a period of 20 years from the date of the patent application, not 10 years. This period is designed to provide inventors with a temporary monopoly as a reward for their innovation and to encourage the disclosure of inventions.

Which of the Following Statements Is False