A Patent Is

question 7

Multiple Choice

A patent is:

• A)an intellectual property right granted to an inventor,giving him or her exclusive rights to make,use or sell an invention for a limited time,usually 20 years
• B)an intellectual property right granted to a franchisee to make copies of an innovation
• C)an intellectual property right granted to the government to make sure all patents are held in government hands
• D)intellectual property rights granted to all people in a country

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Definitions:

Declining

A term describing a situation where a certain quantity or quality is decreasing over time.

Marginal Cost

The additional expense associated with manufacturing one more unit of a specific item.

Marginal Product

The additional output that is produced by adding one more unit of a specific input, ceteris paribus.

Variable Input

An input in the production process that can be adjusted in the short term, such as labor or raw materials.