An Exclusive Right to Sell a New and Useful Product,process,substance,or

question 116

Multiple Choice

An exclusive right to sell a new and useful product,process,substance,or design for a fixed period of time is called a

• A) patent.
• B) barrier to entry.
• C) monopoly.
• D) research disincentive.

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Definitions:

Marketing Concept

A business philosophy suggesting that success is achieved by focusing on the needs and wants of target markets.

Response Time

The duration it takes for a system or service to react to a specific request.

Lifetime Value

The total net profit a company expects to earn from a customer over the duration of their relationship.

Empowerment

The process of increasing the capacity of individuals or groups to make decisions and implement changes in their own lives and communities.