Because of ________, a Company Cannot Make Its Product Illegally

question 146

Multiple Choice

Because of ________, a company cannot make its product illegally similar to a competitor's already established product.

• A) anti-monopoly laws
• B) patent laws
• C) the Consumer Product Safety Act
• D) product warranties
• E) product liability

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Definitions:

Normal Good

A product or service for which demand increases as consumer income increases, and vice versa, demonstrating a direct relationship between income and demand.

Income

The financial gain earned by an individual or entity, typically through wages, investments, or other forms of revenue.

Demand

The desire to own goods or services combined with the ability and willingness to pay for them.

Demand Curve

A curve on a graph that exhibits the quantity of a good that consumers are prepared to buy at different prices.