ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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an agreement to share the invention of a product with others
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money shared with stockholders based on the sell of a product
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a license that gives the inventor of a new product the exclusive right to sell it for a certain period of time.
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None of the above
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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: -In short, a patent license agreement is a legal contract created to define the terms under which a licensee may create, sell, and use a patented invention from a licensor (or patent owner). This agreement also spells out how royalties will be paid to the licensor/patent owner.
Detailed explanation-3: -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-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