Thomas Edison Received Patents on Many of His Inventions

question 198

Multiple Choice

Thomas Edison received patents on many of his inventions. While the patents existed, his ideas were

• A)public goods and proprietary knowledge.
• B)public goods but not proprietary knowledge.
• C)private goods and proprietary knowledge.
• D)private goods but not proprietary knowledge.

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Definitions:

Production Function

A mathematical model that represents how a firm combines inputs to produce outputs, highlighting the efficiencies and technologies in use.

Factor Prices

The prices of inputs used in the production of goods or services, such as labor, capital, and raw materials.

Marginal Cost

The cost added by producing one additional unit of a product or service.

Marginal Cost Curve

A graphical representation showing how the cost of producing one additional unit of a good changes as production volume changes.