The patent system is intended to:
A) prevent natural monopolies from unfairly exploiting their cost advantages.
B) reward innovators by granting them temporary monopolies.
C) spread information among firms as quickly and economically as possible.
D) give small businesses a competitive edge over larger businesses.

Question

Quizplus · Accepted Answer

The patent system is designed to reward innovators by granting them temporary monopolies on their inventions, providing an incentive for them to invest time and resources into developing new technologies or processes. This, in turn, encourages innovation and promotes economic growth. The temporary nature of the monopoly also ensures that once the patent expires, the technology or process becomes available for others to use and build upon.

The Patent System Is Intended To