A Patent I

question 3

Multiple Choice

A patent I. provides temporary monopoly power to the company that receives it. II. usually does not expire. III. is issued by the government.

• A) II only
• B) I and II only
• C) I and III only
• D) I, II, and III

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Definitions:

Min Function

In mathematics, a function that identifies the smallest value in a set of numbers.

Income

Represents the money received, especially on a regular basis, for work or through investments.

Price of X

The amount of money required to purchase a specified amount of good or service 'X'.

Price of Y

The cost or value attributed to a good or service denoted by 'Y', often set by market demand and supply or by the seller.