What Is the Requirement for an Idea to Be Granted

question 55

Multiple Choice

What is the requirement for an idea to be granted a patent under the Patent Act? 

• A) applicable, new, and innovative
• B) unique, applicable, and useful
• C) new, unique, and useful
• D) novel, innovative, and applicable

---

Definitions:

Elastic

In economics, it describes a situation where the demand or supply for a good changes significantly in response to price changes.

Nondiscriminating

Policies or practices that do not selectively favor or prejudice any particular group or individual.

Imperfectly Competitive

Describes markets that do not meet the strict criteria of perfect competition, often characterized by having a small number of firms that have control over prices.

Marginal Revenue

The extra revenue generated from the sale of an additional unit of a product or service.