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In April, 1996, Hans Hoff invented an invisible Teflon coating for silk that could be used in men's ties so stains would wipe off easily. In May, 1996, Geraint Wynn-Ffolkes independently invented the same coating, and was granted a patent for it. Hans wants to attack the patent. Which of the following is true?
Minimum Imposed Price
A price floor set by the government or a regulatory body, below which the price of a good or service cannot fall.
Producer Surplus
The difference between the amount producers are willing and able to supply a good for and the actual amount received by them when the good is sold.
Consumer Surplus
The variance between the price consumers are ready to offer for a good or service and the price they actually incur.
Price Ceiling
A government-imposed limit on how high the price of a product can be charged in the market to protect consumers from high prices.
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