A ____ protects an invention by giving the holder a monopoly on the use of the invention for 20 years after the application has been applied.
A. trademark
B. copyright
C. trade secret
D. patent
Answer: D
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The objective of financial reporting is to provide useful information to interested users
a. True b. False Indicate whether the statement is true or false
Why is the LIFO cost flow assumption an acceptable valuation method for merchandise inventory when it rarely matches the physical movement of the product?
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Omar Industries manufactures two products: Regular and Super. The results of operations for 20x1 follow. Regular Super TotalUnits 10,000 3,700 13,700 Sales revenue$240,000 $740,000 $980,000 Less: Cost of goods sold 180,000 481,000 661,000 Gross Margin$60,000 $259,000 $319,000 Less: Selling expenses 60,000 134,000 194,000 Operating income (loss)$0 $125,000 $125,000 Fixed manufacturing costs included in cost of goods sold amount to $3 per unit for Regular and $20 per unit for Super. Variable selling expenses are $4 per unit for Regular and $20 per unit for Super; remaining selling amounts are fixed.Omar Industries wants to drop the Regular product line. If the line is dropped, company-wide fixed manufacturing costs would fall by
10% because there is no alternative use of the facilities. What would be the impact on operating income if Regular is discontinued? A. $10,400 increase. B. $20,000 increase. C. $39,600 decrease. D. $0. E. None of the answers is correct.