A Design Patent Has a Term of 14 Years,beginning on the Date

question 66

True/False

A design patent has a term of 14 years,beginning on the date of filing with the Patent and Trademark Office (PTO). 

---

Definitions:

Economic Profit

A calculation of profitability that takes into account both the direct costs and opportunity costs of pursuing a particular course of action.

Economies Of Scale

The situation when a firm’s average total cost of producing a product decreases in the long run as the firm increases the size of its plant (and, hence, its output).

Excess Production

The situation where more units of a product are produced than are demanded, often resulting in surplus inventory.

Economic Theory

Economic theory encompasses models and principles that explain the functioning of economies, markets, and the behavior of economic agents. It seeks to understand how resources are allocated, prices are set, and wealth is distributed.