Which of the Following Statements Is True of Patents

question 48

Multiple Choice

Which of the following statements is true of patents?

• A)Patents should be granted for such inventions which cannot be immediately imitated.
• B)The cost of granting patents to private firms is more than the benefit,if the goods produced by them are characterized by nonexclusion.
• C)In the absence of patents the amount of new knowledge produced will not be socially optimal.
• D)A patent grants permanent monopoly power to an inventor.

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Definitions:

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An increase in the number of individuals in a population, typically measured over a specific period of time.

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Involves evaluating the potential of a specific geographic market by analyzing its economic, social, political, and cultural factors.

Trade Surplus

A situation where a country's exports exceed its imports, resulting in a positive balance of trade.

Export Products

Goods or services produced in one country and sold to buyers in other countries.