Which of the Following Statements About Patents Is Not True

question 1

Multiple Choice

Which of the following statements about patents is not true?

• A)An innovation patent can apply to virtually all types of inventions
• B)A standard patent can 'run' for a maximum period of 20 years (25 for pharmaceutical products).
• C)A standard patent cannot be granted if someone has previously patented,tried to patent or published details about the invention anywhere in the world.
• D)An innovation patent can run for a maximum period of six years.

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Definitions:

Law Of Demand

A fundamental principle stating that, all else being equal, as the price of a product decreases, the quantity demanded increases, and vice versa.

Price Falls

A decrease in the cost of a good or service in the market.

Quantity Demanded

The total amount of a good that consumers are willing to purchase at a given price level in a market.

Demand Curve

A graphical representation depicting the relationship between the price of a good and the quantity demanded by consumers, usually showing an inverse correlation.