A Grant from the Government Conveying to and Securing for an Inventor

question 360

Multiple Choice

A grant from the government conveying to and securing for an inventor the exclusive right to make, use, and sell an invention is a:

• A) copyright
• B) goodwill
• C) trademark
• D) trade secret
• E) none of the other choices

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Definitions:

Minimum Average Total Cost

The lowest point on the average total cost curve, representing the least cost per unit at which a firm can produce any given level of output.

Perfectly Competitive Firm

A firm operating in a market where there are many sellers and buyers, the product is homogeneous, and there are no barriers to entry or exit.

Industry Losses

The total amount by which the expenses and costs of businesses in a certain industry exceed their total revenues.

Economic Profits

The financial outcome derived from removing all explicit and implicit costs from the aggregate revenue.