Which of the Following Statements Is Incorrect

question 31

Multiple Choice

Which of the following statements is incorrect?

• A)A copyright has a legal life not exceeding 70 years after the author's death.
• B)A trademark is recorded on the balance sheet at an amount equal to the related research and development costs incurred.
• C)A patent's legal life is 20 years.
• D)A franchise's amortization period is determined by the franchise agreement.

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Definitions:

Economic Models

Economic models are simplified representations of the complex realities of economic activities to predict future economic behavior and outcomes.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision or choosing among multiple options.

Opportunity Cost

The cost of foregone alternatives when one option is chosen over another.

Production Possibilities Curve

A graphical representation showing the maximum combination of goods and services that can be produced from a fixed set of resources.