Which of the following is true about micro entity status?

Micro entity status under U.S. patent law is designed to offer reduced fees for qualifying applicants, making it more accessible for individual inventors and small companies to pursue patent protection. The correct assertion is that micro entity status requires lower income standards than small entity status.

To qualify as a micro entity, an applicant must meet specific income thresholds that are less than half of those required for small entity status, which is defined by the number of employees and income limits. This lower threshold enables a broader range of applicants, particularly independent inventors or small startups with limited resources, to benefit from reduced patent fees.

In contrast to other options, micro entity status is not solely restricted to independent inventors, nor does it allow all firms to qualify. Additionally, not every entity can qualify simultaneously because entities must individually meet the criteria for micro entity status, and only entities meeting the specific income restrictions can benefit from this status at any given time.