Final answer:
Cord Paper Corporation should obtain a patent for their new decorative paper which would grant a 20-year legal monopoly on its manufacture, use, and sale.
Step-by-step explanation:
Cord Paper Corporation can protect its new type of decorative paper by obtaining intellectual property rights, more specifically, a patent. A patent grants the company the exclusive legal right to manufacture, use, and sell their innovation for a limited period, usually 20 years in the United States. This legal protection allows the company to recoup its investment in research and development and earn potentially higher profits during this period. Monopoly profits can provide a strong incentive to invest in innovation, despite the risk of competitors copying successful products. In the case of Cord Paper Corporation, securing a patent ensures it can maintain a legal monopoly over the commercial use of their new decorative paper.