In Which of the Following Situations Can a Firm or Individual

question 94

Multiple Choice

In which of the following situations can a firm or individual apply for a patent?

• A) A firm develops a new tool that makes cutting grass much easier.
• B) An author publishes a new novel.
• C) Nicki Minaj, a recording artist, releases a new CD in the market.
• D) All of the above are activities that can be patented.

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Definitions:

Total Cost

The complete cost of producing or acquiring goods or services, including both fixed and variable components.

Direct Material Quantity Variance

The difference between the expected and actual quantity of materials used in production, affecting the total manufacturing cost.

Direct Labour Rate Variance

The difference between the actual cost of direct labor and the standard cost, which shows how well labor costs are being managed.

Direct Labour Efficiency Variance

The difference between the expected amount of labor hours needed to produce a given level of output and the actual labor hours used.