When the Government Grants an Inventor a Patent

question 144

Multiple Choice

When the government grants an inventor a patent

• A) he has the exclusive right to make, sell or use his invention for 5 years.
• B) the patent holder has less incentive to invest in R&D because one successful invention removes the need to develop others.
• C) the patent holder is guaranteed a profit on his invention.
• D) the protection of a current invention would increase spending on R&D.

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Definitions:

Defect Rate

The percentage of products or services that fail to meet quality standards out of the total produced or delivered.

Confidence

A person's belief in their own abilities or in the likelihood of a positive outcome.

Billing Process

A systematic procedure that involves issuing invoices to customers for goods or services provided, tracking payments received, and following up on past due payments.

Sampling Distribution

The likelihood distribution of a particular statistic derived from a random sample, utilized to draw conclusions about the overall population.