Patents Are Intellectual Property Rights Granted for Inventions That Are

question 59

Multiple Choice

Patents are intellectual property rights granted for inventions that are:

• A)not useful, novel, and nonobvious
• B)not useful, not novel, and obvious
• C)useful, novel, and nonobvious
• D)useful, not novel, and obvious

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Definitions:

Comparative Advantage

The ability of an individual or country to produce a good or service at a lower opportunity cost than others.

Production Possibilities

A curve representing all possible combinations of two goods that can be produced within a given economy when resources are fully and efficiently utilized.

Specializes

Specialization involves focusing on a narrow area of knowledge or skill, often to improve efficiency or performance.