The Type of Patent That May Be Granted to Developers

question 31

Multiple Choice

The type of patent that may be granted to developers of plant reproduction methods is called a:

• A) process patent.
• B) functional or utility patent.
• C) improvement patent.
• D) plant patent.

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Definitions:

Downstream Monopolist

A firm or entity that controls the market as the sole provider or purchaser of goods or services at a later stage in the production or supply chain.

Competitive Price

The market price at which goods are sold in a perfectly competitive market, where no single buyer or seller can influence the price.

Fixed-Coefficient Technology

A production process where input ratios are constant and cannot be substituted for one another in the production process.

Demand Function

A mathematical relationship that describes how the quantity demanded of a good or service varies with changes in its price, and possibly other factors.