A Distinctive Identification of a Product or a Service Is

question 7

Multiple Choice

A distinctive identification of a product or a service is a:

• A)patent.
• B)trademark.
• C)copyright.
• D)license.

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Definitions:

Marginal Utility

The supplementary value or usefulness experienced from consuming one more unit of a good or service.

Consumer Surplus

The discrepancy between the amount consumers are prepared to pay for a product or service and the actual price they pay, symbolizing the advantage to consumers.

Marginal Utility

The increased contentment or value derived from the consumption of an extra unit of a good or service.

Total Utility

The aggregate level of satisfaction or fulfillment a consumer receives through the consumption of a specific quantity of goods and services.