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With which of the following statements would William Graham Sumner have agreed?
Patents
Legal documents granting exclusive rights to inventors for their creations, preventing others from making, using, or selling the invention for a certain period of time.
Marginal Revenue
The supplementary income produced through the sale of one extra product or service unit.
Total Revenue
The overall earnings from sales of goods or services prior to any expense deductions.
Demand Curve
A visual chart that illustrates the connection between a product's price and the amount consumers are willing to buy.
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