Final answer:
It is true that copyrights and patents protect different types of intellectual property. Copyrights are geared towards creative works, while patents protect industrial and process-based innovations. Trade secrets like Coca-Cola's formula are protected differently, not falling under copyright or patent law.
Step-by-step explanation:
The statement that copyrights apply to creative materials such as books, songs, and art, while patents cover specific innovations that are industrial or process-based is True.
Copyright protection grants the creator of original works of authorship, like literary, dramatic, musical, artistic, and certain other intellectual works, an exclusive legal right over the use and distribution of their work. On the other hand, a patent is given to an inventor for a limited time, allowing exclusive rights to make, use, and sell an invention. A notable example not covered by these is a trade secret, such as the formula for Coca-Cola, which is kept confidential to maintain competitive advantage.
The period of exclusivity for a patent is generally 20 years, during which the holder can potentially earn monopoly profits, incentivizing research and development. Post this term, the innovation can be freely used by others. Copyright terms vary but can extend for the life of the author plus an additional 70 years for works created after January 1, 1978. Copyright Term Extension Act played a role in extending these timeframes. These variations underscore the difference between the protections each intellectual property right grants.