Inventors May Be Geniuses, but They Also Must Be Born

question 31

Multiple Choice

Inventors may be geniuses, but they also must be born in the right place and at the right time; this means that

• A)inventors must be born in a capitalist country free of government control.
• B)the society into which they are born must have compulsory education.
• C)they must live in a society with a cultural base sufficiently developed to support their invention.
• D)people must perceive their inventions as useful.

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Definitions:

Total Cost

The sum of all costs incurred by a business in the production of goods or services, including fixed and variable costs.

Prospective Sales

Forecasted or anticipated sales based on current trends, marketing strategies, and economic conditions.

Economies of Scale

Cost advantages reaped by companies when production becomes efficient, as the cost per unit of output decreases with increasing scale.

Diseconomies of Scale

A condition where a firm experiences increasing production costs and decreasing returns as it becomes too large.