A 20-Year Patent Covering a Process,machine,article of Manufacture,composition of Matter,or

question 2

Multiple Choice

A 20-year patent covering a process,machine,article of manufacture,composition of matter,or any new or useful improvement of an existing one is known as _____.

• A) plant patent
• B) utility patent
• C) design patent
• D) non-provisional patent

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Definitions:

Long-Run

A time period in economics where all inputs are variable, allowing firms to adjust all factors of production.

Average Cost Curve

A graph showing the cost per unit of output produced, calculated by dividing total costs by the quantity of output.

U‐Shaped

The U-shaped concept typically refers to a relationship where variables initially decrease, reach a lowest point, and then increase, forming a graph that resembles a U shape.

Long-Run Average Cost Curve

Shows the way per unit costs change with output in the long run.