Which of the Following Statements Is True of Patents

question 110

Multiple Choice

Which of the following statements is true of patents?

• A) Patents are usually created for an indefinite period of time.
• B) Many of the basic principles of modern patent law are sourced from the Venetian Patent Act of 1474.
• C) Utility patents apply to original and ornamental design for an article of manufacture.
• D) Design patents apply to nonobvious, useful processes, machines, compositions of matter, or improvements thereof.
• E) According to the federal Economic Espionage Act (EEA), plant patents usually last for 14 years from issue date.

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Definitions:

Price Leadership

A strategy where a leading firm sets prices that other firms in the market follow.

Mutual Interdependence

A situation particularly in oligopolistic markets where the actions of one firm significantly influence the actions and outcomes of other firms within the market.

Price Leadership

A situation where one dominant company in an industry sets the price of goods or services, which other companies then follow.

Marginal Cost

The increase in total cost that arises from an additional unit of production.