In Order to Obtain a Patent Under U

question 14

Multiple Choice

In order to obtain a patent under U.S.Patent Law,an inventor must have an invention that is
I.Not obvious
II.Unique
III.Useful
IV.Not a modification of any prior patents

• A)I only
• B)I and II
• C)I, II and III
• D)I, II, III and IV

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Definitions:

Short-run Supply Curve

A graphical representation showing the relation between the price of a product and the quantity of the product that a firm is willing and able to sell, given fixed resources.

MC Curve

A graph that shows the relationship between the marginal cost and the quantity of output produced, typically upward sloping.

Shut-down Price

The price level at which a firm ceases its operations because the revenue received does not cover the variable costs, making it financially unsustainable to continue.

Market Supply Curve

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