Thomas Edison Once Said That He Began Making Real Profit

question 213

Multiple Choice

Thomas Edison once said that he began making real profit on light bulbs when he dumped his surplus on the European market at less than the "cost of production." From this we can deduce Edison

• A)did not want to maximize profit.
• B)understood the difference between marginal and average cost.
• C)had a different definition of the term "profit."
• D)did not understand the difference between fixed and variable cost.

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Definitions:

Electrical Charge

A physical property of matter that causes it to experience a force when placed in an electromagnetic field.

Neural Networking

A computational approach inspired by the network of neurons in the brain, used to approximate complex functions and patterns.

Action Potentials

Rapid and temporary electrical signals in neurons that propagate along an axon to transmit information.

Pituitary Gland

A small endocrine gland located at the base of the brain that produces hormones which regulate growth, metabolism, and reproduction.