A patent is
A. a recognizable right to the profits associated with a new product or new way of making goods granted by business associations.
B. the right to make a product and sell it at a reasonable price.
C. a government protection that gives an inventor the exclusive right to the invention for a limited time period.
D. a government protection that gives an inventor the exclusive right to the invention for an unlimited time period.
Answer: C
You might also like to view...
Which of the following is NOT part of a risk characterization?
a. a qualitative component that includes a description of the hazard b. a monetary component that assigns a dollar value to the risk c. a quantitative component that gives the magnitude of the risk d. an integrated analysis of the overall risk assessment process
Suppose that you open your own business and earn an accounting profit of $35,000 per year. When you started your business, you left a job that paid you a $30,000 salary annually
Also, suppose that you invested $70,000 of your own funds to start up your business. If the normal rate of return on capital is 10 percent, your economic profit is A) $5,000. B) -$5,000. C) $2,000. D) -$2,000.
Total utility is maximized when
A. Marginal utility is zero. B. Price is equal to marginal utility. C. Price is less than marginal utility. D. Marginal utility is maximized.
The U.S. Treasury offers several ways to purchase U.S. government bonds. There are the traditional coupon bonds and Treasury Inflation-Indexed Securities. How do these bonds differ from their traditional counterparts?
What will be an ideal response?