Alright, let's try this one. A patent guarantees quality to consumers, grants an exclusive right to an inventor of a product, allows someone the right to practice a profession, or gives the owner legal control over a unique source or supply of raw materials? Well, this is just the definition of a patent, right? We talked about patents giving the inventors an exclusive right, right? The exclusive right to produce a product and that's what incentivizes inventors to invent in the 1st place, right? If they didn't have some sort of protection, they invent something and then everybody just starts producing it, they can't make any money, right? So the patent gives the inventor the incentive to produce because they can get this exclusive right to produce it and then make money, selling the product, right? So this is just the definition of a patent and the answer there is going to be B, grants an exclusive right to an inventor of a product. Alright, let's go on to the next one.

Table of contents

0. Basic Principles of Economics1h 5m
1. Reading and Understanding Graphs59m
2. Introductory Economic Models1h 10m
3. The Market Forces of Supply and Demand2h 26m
4. Elasticity2h 26m
5. Consumer and Producer Surplus; Price Ceilings and Floors3h 45m
6. Introduction to Taxes and Subsidies1h 46m
7. Externalities1h 12m
8. The Types of Goods1h 13m
9. International Trade1h 16m
10. The Costs of Production2h 35m
11. Perfect Competition2h 23m
12. Monopoly2h 13m
13. Monopolistic Competition1h 9m
14. Oligopoly1h 26m
15. Markets for the Factors of Production1h 26m
16. Income Inequality and Poverty35m
17. Asymmetric Information, Voting, and Public Choice39m
18. Consumer Choice and Behavioral Economics1h 16m

12. Monopoly

Characteristics of Monopoly

Microeconomics

12. Monopoly

Characteristics of Monopoly

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Multiple Choice

A patent

Guarantees quality to consumers

Grants an exclusive right to an inventor of a product

Allows someone the right to practice a profession

Gives the owner legal control over a unique source or supply of raw materials

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Verified step by step guidance

Understand the concept of a patent: A patent is a legal right granted to an inventor that provides exclusive rights to use, make, and sell an invention for a certain period of time.

Identify the purpose of a patent: The primary purpose is to encourage innovation by providing inventors with protection from competitors, allowing them to potentially profit from their inventions.

Analyze the options given in the problem: Consider each statement and determine which aligns with the definition and purpose of a patent.

Evaluate the statement 'Grants an exclusive right to an inventor of a product': This aligns with the definition of a patent, as it provides exclusive rights to the inventor.

Conclude which statement correctly describes a patent: Based on the analysis, identify the statement that accurately reflects the function and purpose of a patent.