Final answer:
Intellectual property rights are true exclusive legal rights to intellectual creations, encompassing patents, copyrights, trademarks, and trade secrets. Patents last for about 20 years, mostly, while copyrights extend for the author's life plus additional years, incentivizing innovation and creation.
Step-by-step explanation:
Intellectual property rights are legally recognized exclusive rights to creations of the mind, affirming the statement to be true. These rights, including patents, copyrights, trademarks, and trade secret law, allow inventors and creators certain exclusive benefits, such as the ability to produce and sell their inventions or creative works. Patents, for instance, grant an inventor the right to make, use, or sell their invention for typically up to 20 years in most countries, though this can vary. Copyrights cover literary works, music, and films/videos, among others, and can last for the life of the author plus an additional 70 years in many jurisdictions. These protections incentivize innovation and artistic production by enabling monopoly profits over a defined period, thereby contributing to technological advancement and cultural enrichment.