When a Brand Name Becomes the Name by Which a Class

question 107

True/False

When a brand name becomes the name by which a class of products is generally known, the original owner loses exclusive claim to the brand name.

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Definitions:

Income

Payment acquired, typically at consistent times, for services performed or through investment profits.

Price

The money amount expected, needed, or conferred as a payment for a product.

Miles

A unit of distance or length, traditionally equal to 5280 feet in the United States and slightly more than 1609 meters by international agreement.

Perfect Substitutes

Goods that a consumer is completely indifferent between, meaning that one can replace the other in consumption without any loss of utility.