Which of the Following Is True of Patents

question 8

Multiple Choice

Which of the following is true of patents?

• A) Patent law is enacted by the Congress under the power given by Article V of the Constitution.
• B) A patent gives an inventor exclusive rights to make, use, or sell an invention for twenty-five years.
• C) Processes may be patented but machines may not be.
• D) A composition of matter is found in nature and can be patented.
• E) A design patent gives the owner exclusive rights to use the design for fourteen years.

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Definitions:

Equilibrium Price

The price at which the quantity of a product offered is equal to the quantity of the product demanded, resulting in market stability.

Quantity Demanded

The cumulative quantity of a product or service that buyers are ready and capable of buying at a certain price during a defined timeframe.

Quantity Supplied

The amount of a certain good or service that producers are willing and able to sell at a specific price.

Individual Supply Curves

Graphical representations showing the relationship between the price of a good and the quantity of the good a seller is willing to supply, holding all else constant.