True or False: A patent on an invention will last forever.

Disable ads (and more) with a membership for a one time $4.99 payment

Prepare for the UCF GEB3375 Intro to International Business Exam 2. Enhance your skills with multiple-choice questions, detailed explanations, and strategic tips. Boost your confidence and excel on your exam day!

A patent is a legal protection granted by a government to an inventor that allows them to exclude others from making, using, selling, or distributing the patented invention without permission for a limited period. This period typically lasts for 20 years from the date of filing the patent application in most jurisdictions, such as the United States. After this duration, the patent expires, and the invention enters the public domain, allowing anyone to use it without needing consent from the original inventor.

The misconception that patents last forever arises from a misunderstanding of intellectual property laws. While patents provide exclusive rights during their term, they are designed to encourage innovation by ensuring that inventors can benefit from their inventions for a limited time, after which the knowledge can be shared and utilized by the broader public. This system fosters a cycle of innovation and access, which is fundamental to technological progress.

Understanding that patents are not indefinite reinforces the notion that intellectual property rights are in place to balance the interests of inventors and society.