In the business world, a _______ is recognized as a legally acceptable way for any business to keep knowledge of its particular methods of production from being known by competing firms.
A) patent
B) monopoly
C) trade secret
D) trademark

Question

Quizplus · Accepted Answer

A trade secret is a type of intellectual property that encompasses formulas, practices, processes, designs, instruments, patterns, or compilations of information that are not generally known or reasonably ascertainable, by which a business can obtain an economic advantage over competitors or customers. Patents and trademarks are also forms of intellectual property protection but serve different purposes: patents protect inventions, and trademarks protect brand names and logos. A monopoly refers to the exclusive possession or control of the supply or trade in a commodity or service, not a method to protect business information.

In the Business World, a _______ Is Recognized as a Legally