A ________ Grants the Inventor of a New Product or Process

question 94

Multiple Choice

A ________ grants the inventor of a new product or process exclusive rights for a defined period of time to the manufacture, use, or sale of that invention.

• A) copyright
• B) trademark
• C) contract
• D) patent

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Definitions:

Unit Selling Price

The amount of money charged to the customer for a single unit of a product or service.

Variable Cost Concept

Costs that vary directly with the level of production output, such as raw materials and labor involved in production.

Selling Price

The price at which a product or service is offered to consumers, determined by factors such as cost, market demand, and competition.

Markup Percentage

The percentage added to the cost price of goods to cover overhead and profit, determining the selling price.