"Andrew, We Have the Lab Facilities, the Know-How, and the Time

question 99

Multiple Choice

"Andrew, we have the lab facilities, the know-how, and the time to implement this new technology through ________. We can then patent it and keep it proprietary, even though it will take additional staff and funding," said Jill Phipps, lab manager, to Andrew Franks, general manager.

• A)internal development
• B)licensing
• C)contracted development
• D)franchising
• E)research partnership

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Definitions:

Monopolistic Competition

A market structure characterized by many firms selling products that are similar but not identical, allowing for significant differentiation among competitors.

Oligopoly

A market configuration where the market is dominated by a few firms, resulting in restricted competition.

Soft Drink

A non-alcoholic beverage typically containing carbonated water, a sweetener, and natural or artificial flavoring.

Automobile Industries

Industries involved in the design, development, manufacturing, marketing, and selling of motor vehicles.