A Patent on a New Product Benefits the Firm Securing

question 74

Multiple Choice

A patent on a new product benefits the firm securing it by

• A) limiting the direct imitation of the product by rivals for many years.
• B) enabling the firm to retain "trade secrets" about the product.
• C) reducing the firm's legal expenses.
• D) increasing the speed of diffusion of the new product.

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Definitions:

Repetitive Focus

A manufacturing strategy that concentrates on producing a limited range of products in high volume, aiming for efficiency and cost reduction.

Seasonal Bus Pass

A pass allowing unlimited travel on buses for a specific season or period, often at a discounted rate.

Fixed Costs

Expenses that do not vary with the level of production or sales, such as rent, salaries, and insurance premiums.

Assembly Technician

is a professional skilled in assembling, testing, and repairing components or products in manufacturing or engineering settings, ensuring quality and functionality.