If Two Individuals Apply for the Same Patent,the Individual Who

question 79

Multiple Choice

If two individuals apply for the same patent,the individual who is likely to get the patent in the United States of America is the one who is first to:

• A)file.
• B)buy.
• C)sell.
• D)invent.
• E)document.

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Definitions:

Economic Profits

The difference between the revenue received from the sale of an output and the opportunity cost of the inputs used.

Fixed Costs

Costs that do not change with the level of output produced by a firm, such as rent and salaries.

Variable Costs

Expenses that change in proportion to the production output or sales volume of a company.

AVC

Average Variable Cost, calculated by dividing the total variable costs by the quantity of output produced.