What Is the Term Used to Describe Products That Are

question 22

Multiple Choice

What is the term used to describe products that are designed to be similar to and compete with existing products of other firms?

• A) innovations
• B) generics
• C) imitations
• D) adaptations

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Definitions:

Creditors

Individuals or institutions that lend money or extend credit to others.

Liabilities

Liabilities are financial obligations or debts that a company owes to external parties, which must be settled over time through the transfer of economic benefits including money, goods, or services.

External Transaction

A financial event involving an exchange between the business and another entity outside of the company.