Products That Take a Firm into a Product Type New

question 66

Multiple Choice

Products that take a firm into a product type new to it, but that are not new to the world are known as

• A) new-to-the-world products.
• B) new category entries.
• C) additions to product lines.
• D) product improvements.

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Definitions:

Uniform Commercial Code

A comprehensive set of laws governing commercial transactions in the United States, facilitating the uniformity and predictability of commercial activities across different states.

Common Law

A body of legal rules that have been made by judges as they issue rulings on cases, as opposed to rules and laws made by the legislature or in official statutes.

Marine Law

A body of laws, conventions, and treaties that govern international private business and other matters involving ships, shipping, or offenses occurring on open water.

Equity Rules

Guidelines that govern legal proceedings to ensure fairness and justice, typically applied in cases where common law or statutory remedies are inadequate.