A patent on a new product benefits the firm securing it by:

A) limiting the direct imitation of the product by rivals for many years.
B) enabling the firm to retain "trade secrets" about the product.
C) reducing the firm's legal expenses.
D) increasing the speed of diffusion of the new product.

Patent

An exclusive right given to inventors to produce and sell a new product or machine for 20 years from the time of patent application.

Imitation

The action of using someone or something as a model and copying their behavior or actions.

Legal Expenses

Costs associated with legal advice, litigation, or other legal activities which individuals or businesses might incur.