A Patent Gives the Inventor the Exclusive Right to Make

question 9

True/False

A patent gives the inventor the exclusive right to make, use, or sell an invention for 50 years.

---

Definitions:

Inferior Good

A type of good for which demand decreases as the income of consumers increases.

Demand Curve

A graph showing the relationship between the price of a good and the quantity of that good consumers are willing to purchase at each price point.

Elastic Demand

A situation in which the demand for a product or service is significantly responsive or sensitive to changes in its price.

Total Revenue

The total amount of money generated from the sale of goods or services before any expenses are subtracted.