The Difference Between Patents and Copyrights Is That

question 10

Multiple Choice

The difference between patents and copyrights is that:

• A) copyrights can last as long as the copyrighted work is in use, but the registration requires periodic renewal.
• B) copyright protection is secured automatically when an eligible work is created and fixed in a copy.
• C) patents are a form of protection granted to works of authorship.
• D) patents are established by legitimate use of the patented invention.

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Definitions:

Consumer Surplus

The discrepancy between the price consumers are inclined to pay for a product or service and the actual price paid.

Market Quantity

The total amount of goods or services available for purchase within a specific market.

Consumer Surplus

The divergence in total potential expenditure consumers are ready to make on a good or service against actual expenses incurred.

Welfare Economics

A branch of economics that focuses on the optimal allocation of resources and goods and aims to evaluate social welfare.