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.