A patent is a government grant that gives an innovating firm or individual the exclusive right to produce, use, and sell an invention for a certain period of time, traditionally up to 20 years in many jurisdictions, not 17 years as previously common in the United States before changes in patent law.

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A Patent Is A(n)

Question 103

Multiple Choice

A patent is a(n)

A) government grant to an innovating firm of monopoly privilege in the production of a good or the use of a technology for a 17-year period
B) annual award of monopoly privilege to a firm for the most creative invention of the year
C) payment from the government to a firm for the most creative invention of the year
D) grant of perpetual monopoly rights to a firm issued by the government
E) expression of monopoly power in a monopolistically competitive industry

Correct Answer: