The Value of Intellectual Property Is Recognized

question 14

Multiple Choice

The value of intellectual property is recognized

• A) in the Constitution of the United States.
• B) in the free market.
• C) in legislation passed by the U.S. Congress.
• D) through court decisions.
• E) All of the above

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Definitions:

Fast-Second Strategy

a business approach where companies wait to observe the successes and failures of innovators before entering the market with a more refined and potentially more competitive offer.

Catgut

A type of cord traditionally made from the natural fibers found in the intestines of sheep and other animals, used for surgical sutures and musical instrument strings.

Trade Secret

A type of intellectual property comprising formulas, practices, processes, designs, instruments, patterns, or compilations of information that are not generally known or reasonably ascertainable, by which a business can obtain an economic advantage over competitors or customers.

Short Run

A period of time in which at least one input, typically capital, is fixed, and producers can only adjust the variable inputs like labor.