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:

Official Corruption

The abuse of entrusted power by government officials for private gain.

Abuse

The deliberate mistreatment of individuals, causing harm or distress, which can be physical, emotional, sexual, or verbal.

White-Collar Criminals

Individuals who commit non-violent crimes for financial gain within their professional occupations.

Noncriminal Identity

An individual's sense of self or public persona that is not associated with criminal activities or lawbreaking behaviors.