Final answer:
The answer is true; there are three types of patents: utility patents, design patents, and plant patents. These protect new inventions, designs, and plant varieties, respectively, fostering innovation and economic growth.
Step-by-step explanation:
The statement that there are three types of patents in existence today — utility patents, design patents, and plant patents — is true. Each type of patent offers protection to different aspects of innovation. The utility patent is for the invention or discovery of a new and useful process, machine, product, or improvement. The design patent covers new, original, and ornamental designs for manufactured products. Lastly, plant patents are awarded for the discovery and asexual reproduction of new plant varieties. These protections are crucial for the flourishing of American industry and the economy by safeguarding investments in innovation and creativity.
Give an example of these patent types, a new type of tomato that tastes like jellybean would fall under a plant patent, as it is a distinct and new variety of plant that can be asexually reproduced. This type of categorization illustrates how the U.S. Patent Office stimulates technological advancement and protects the inventors' rights of newly created or improved products, designs, and plant varieties.