Patents Stimulate Technological Advance by

question 112

Multiple Choice

Patents stimulate technological advance by

• A) making capital more productive.
• B) enabling the government to determine which potential technological advances firms should pursue.
• C) providing information about the status of technical knowledge in the economy.
• D) allowing inventors to capture the economic rewards of their inventions.

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Definitions:

Risk of Loss

A legal term that determines who bears the cost of damage to goods during a transaction or transportation before the purchaser receives them.

Common Law

A legal system based on judicial decisions of courts and similar tribunals, rather than statutes or written laws, that serves as precedent for future cases.

Contract of Sale

A legal agreement between a seller and buyer where the seller agrees to deliver a product or property in exchange for a certain price from the buyer.

Sale

A transaction between two parties where goods, services, or assets are exchanged for money or other considerations.