A trademark is:
a. a method of production kept secret by the producing firm
b. a word, name, symbol, or device indicating the source of a good that can only be used by the firm that registered it.
c. a government rule that gives an inventor the exclusive legal right to make, use, or sell an invention for a limited time.
d. a body of law that protects the right of inventors to produce and sell their inventions.
b
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If advertising reduces a consumer's price sensitivity between identical goods, it is likely to
a. increase the elasticity of demand for differentiated products. b. enhance competition and encourage more product diversity. c. reduce competition and reduce social welfare. d. encourage the consumption of all homogenous goods.
Firms in a cartel usually charge:
A. the same price. B. different prices to reflect their different costs. C. lower prices than a monopoly would. D. higher prices than a monopoly would.