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:

Dominant Strategy

A Dominant Strategy is a game theory concept where a player's best course of action remains unchanged regardless of what the opponent does.

Nash Equilibrium

A concept in game theory where each player's strategy is optimal given the strategies of other players, leading to a situation where no participant can benefit by changing strategies while the others remain constant.

Maximin Strategy

A decision-making strategy used in game theory and economics where the player seeks to maximize their minimum payoff, accounting for the worst-case scenario.

Dominant Strategy

In game theory, a strategy that always results in the most favorable outcome for a player, regardless of what the opposition does.