Final answer:
The correct answer is 20 years. If Congress reduced the period of patent protection from 20 years to 10 years, it would likely have an impact on private research and development. The amount of private research and development may decrease if the period of patent protection is reduced.
Step-by-step explanation:
The correct answer is C) 20 years. According to the General Agreement on Tariffs and Trade (GATT), new U.S. patents are granted for a period of 20 years from the filing date. This means that inventors have exclusive rights to their inventions for 20 years, during which they can prevent others from using, making, and selling their patented invention without permission.
If Congress were to reduce the period of patent protection from 20 years to 10 years, it would likely have an impact on the amount of private research and development. With a shorter patent duration, inventors would have a shorter time period to recoup their investment and make a profit. This could discourage some inventors from pursuing new inventions, as they may not be able to financially benefit from their creations.
Therefore, the amount of private research and development may decrease if the period of patent protection is reduced.