Final answer:
U.S. patents are granted for 20 years from the filing date, and reducing the patent protection period to 10 years would likely decrease private research and development, as inventors would have less time to earn returns on their investment.
Step-by-step explanation:
In accordance with the General Agreement on Tariffs and Trade (GATT) and current United States law, new U.S. patents are granted for a period of 20 years from the filing date. The correct answer to the student's question is C) 20.
If Congress were to reduce the period of patent protection from 20 years to 10 years, it would likely lead to a decrease in the amount of private research and development.
This is because patents provide a temporary monopoly to inventors, allowing them to recoup their investment costs.
Cutting the patent life in half would diminish the incentive for companies and individuals to invest heavily in new products and technologies.
As they may not be able to earn a sufficient return before the patent expires. Consequently, a reduction in patent duration could stifle innovation and slow the pace of technological advancement.