A Patent Is A(n)

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