Intellectual Property Is the Result of Creative or Intellectual Effort

question 83

True/False

Intellectual property is the result of creative or intellectual effort, such as books, musical works, inventions, and computer software.

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Definitions:

Marginal Revenue Product

This is the additional revenue generated from employing one more unit of a factor of production, such as labor.

Total Revenue

The total amount of money received by a company for goods sold or services provided during a certain time period.

Average Revenue Product

The increase in total revenue resulting from employing one more unit of a resource, holding all other factors constant.

Substitution Effect

The alteration in the consumption of goods as a result of changes in their relative prices, leading consumers to substitute more expensive items with cheaper alternatives.