A ________ Is a Right Granted to the Inventor of a Product

question 10

Multiple Choice

A ________ is a right granted to the inventor of a product or process that excludes others from making,using,or selling the invention.

• A) patent
• B) trademark
• C) watertight
• D) copyright

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Definitions:

Long-Run Equilibrium

A state in which economic forces such as supply and demand are balanced over the long term, with all factors of production and markets adjusting fully to any changes.

Long-Run Cost Curve

A graphical representation that shows the minimum cost at which different quantities of output can be produced in the long run, highlighting economies and diseconomies of scale.

Industry Supply Curve

A graphical representation showing the relationship between the price of a good and the total output supplied by all firms in the industry.

Production Function

A mathematical model that describes the relationship between the quantities of productive inputs used and the amount of output produced.