Questions: Why does the government issue patents? The government issues patents A. to limit excessive economic profits in the short run before new firms have had time to enter profitable markets. B. to encourage competition among firms in markets with barriers to entry. C. to encourage firms to spend money on the research and development necessary to create new products. D. to ensure that new products are safe and effective for consumers. E. to prevent firms from keeping secret how a product is made. How long do patents last? A patent is the exclusive right to a product for a period of years from the date the patent is filed with the government. (Enter your response as an integer.)

Why does the government issue patents? The government issues patents A. to limit excessive economic profits in the short run before new firms have had time to enter profitable markets. B. to encourage competition among firms in markets with barriers to entry. C. to encourage firms to spend money on the research and development necessary to create new products. D. to ensure that new products are safe and effective for consumers. E. to prevent firms from keeping secret how a product is made. How long do patents last? A patent is the exclusive right to a product for a period of years from the date the patent is filed with the government. (Enter your response as an integer.)
Transcript text: Why does the government issue patents? The government issues patents A. to limit excessive economic profits in the short run before new firms have had time to enter profitable markets. B. to encourage competition among firms in markets with barriers to entry. C. to encourage firms to spend money on the research and development necessary to create new products. D. to ensure that new products are safe and effective for consumers. E. to prevent firms from keeping secret how a product is made. How long do patents last? A patent is the exclusive right to a product for a period of years from the date the patent is filed with the government. (Enter your response as an integer.)
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Solution

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The answer is C: to encourage firms to spend money on the research and development necessary to create new products.

Explanation:

A. Incorrect. Patents are not issued to limit excessive economic profits; they actually allow firms to earn profits by granting them exclusive rights to their inventions.

B. Incorrect. Patents do not encourage competition; they temporarily reduce competition by granting exclusive rights to the patent holder.

C. Correct. Patents incentivize firms to invest in research and development by providing them with exclusive rights to profit from their inventions for a limited time.

D. Incorrect. Patents are not primarily concerned with product safety or effectiveness; these are typically regulated by other agencies.

E. Incorrect. Patents require disclosure of how a product is made, which is the opposite of keeping it secret.

Regarding the duration of patents:

A patent is the exclusive right to a product for a period of 20 years from the date the patent is filed with the government.

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