When a Patent Is Issued for an Object,it Gives Its

question 36

Multiple Choice

When a patent is issued for an object,it gives its holder the exclusive right to produce,sell,and use the object of the patent for ________ years from the date of application.

• A)Twenty
• B)Forty
• C)Ten
• D)Fifty
• E)Thirty

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Definitions:

Negative Externality

A cost that affects a party who did not choose to incur that cost, typically resulting from economic activity by another party.

Marginal Social Cost

The total cost to society of producing an additional unit of a good or service, including both private costs and external effects.

External Social Cost

Costs of production or consumption that affect individuals not involved in the transaction, often unaccounted for by the market price.

Efficient Level

Describes a state where resources are allocated in the most effective manner, maximizing output and outcomes.