A Patent Is a Property Right, Which Gives the Owner

question 92

Multiple Choice

A patent is a property right, which gives the owner

• A)the right to sell and/or license the invention.
• B)the ability to make the knowledge of how to make the invention rival.
• C)a guaranteed profit.
• D)All of the above.

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Definitions:

Producer Surplus

The difference between the amount a producer is actually paid for a good compared to the minimum amount they would accept for the good.

Excess Supply

A market condition where the quantity of a commodity available for sale exceeds the quantity demanded at the current price.

Producer Surplus

The difference between what producers are willing to accept for a good or service and what they actually receive, representing their gain.

Producer Surplus

The difference between what producers are willing to accept for a product and the amount they actually receive.