Which of the Following Statements Is True About Patents and Copyrights

question 215

Multiple Choice

Which of the following statements is true about patents and copyrights? (i)
They have benefits and costs.
(ii)
They lead to higher prices.
(iii)
They enhance the ability of monopolists to earn above-average profits.

• A)(i) and (ii) only
• B)(ii) and (iii) only
• C)(ii) only
• D)(i), (ii), and (iii)

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Definitions:

Legal Admissions

Refers to statements or facts acknowledged to be true by parties involved in a legal proceeding, which can be used as evidence in court.

Partnership

A legal form of business operation between two or more individuals who share management and profits.

Implied Authority

Authority of an agent that is not expressly granted but assumed to be provided due to the nature of the agent's work or position.

Apparent Authority

Refers to a situation where a third party correctly believes that an agent has the power to act on behalf of a principal, even if the agent does not have the actual authority.