The Term of a Utility Patent Is

question 63

Multiple Choice

The term of a utility patent is:

• A) 7 years from the date the patent is granted
• B) 15 years from the date of the initial application
• C) 15 years from the date the patent is granted
• D) 20 years from the date of the initial application
• E) 20 years from the date the patent is granted

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Definitions:

Nonrivalry

A characteristic of certain goods where one person's consumption does not reduce availability to others, often associated with public goods.

Negative Externalities

Costs suffered by a third party as a result of an economic transaction which the parties directly involved in the transaction do not fully account for.

Public Good

A product that one individual can consume without reducing its availability to another individual and from which no one is excluded.

Marginal Benefit

The incremental utility or satisfaction derived from the consumption or production of an additional good or service unit.