Which of the Following Can a Firm Use to Defend

question 71

Multiple Choice

Which of the following can a firm use to defend a successful product's brand name?

• A)The firm can obtain a patent on the brand name.
• B)The firm can apply for a trademark to ban other firms from using the product's name.
• C)The firm can increase the amount it spends on advertising for the product.
• D)The firm can attempt to copyright the brand name.

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Definitions:

Absolute Advantage

A scenario in which a country can produce a particular good or service more effectively than another country with the same amount of resources.

Comparative Advantage

an economic principle that posits a country or entity can produce a particular good or service at a lower opportunity cost than its trading partners, leading to beneficial trade.

Medium Of Exchange

Anything that facilitates trade by being generally accepted by all parties in payment for goods or services.

Facilitates Trade

Actions or policies designed to make trade between countries or parties easier, typically through reducing barriers such as tariffs and quotas.