What is the economic role of a patent? What will be an ideal response
What is the economic role of a patent?
What will be an ideal response?
ANSWER
A patent grants the inventor the exclusive right to make, use, or sell an invention for 20 years. This gives the inventor property rights on the invention, which enables the inventor to profit from the invention. The number of inventions should be greater if people can profit from inventive activity, so patents help stimulate investment in new technology and economic growth.
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