ECONOMICS
COMPETITION AND MARKET STRUCTURES
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
patent
|
|
|
decree
|
|
|
start-up
|
|
|
credit
|
Detailed explanation-1: -What is a patent? A patent is an exclusive right granted for an invention. In other words, a patent is an exclusive right to a product or a process that generally provides a new way of doing something, or offers a new technical solution to a problem.
Detailed explanation-2: -There are three types of patents-Utility, Design, and Plant. Utility patents may be granted to anyone who invents or discovers any new and useful process, machine, article of manufacture, or compositions of matters, or any new useful improvement thereof.
Detailed explanation-3: -In principle, the patent owner has the exclusive right to prevent or stop others from commercially exploiting the patented invention. In other words, patent protection means that the invention cannot be commercially made, used, distributed, imported or sold by others without the patent owner’s consent.
Detailed explanation-4: -Utility patent. This is what most people think of when they think about a patent. Provisional patent. Design patent. Plant patent. 25-Jan-2023