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If price is less than average fixed costs,
Intellectual Property
Intangible creations of the human intellect that are accorded legal rights of ownership and use.
Inventor
An individual who creates a new product or process through innovative thinking and experimentation.
Patent
A patent is a legal right granted to an inventor, giving them exclusive rights to produce, use, and sell their invention for a certain period.
Contract Law
The body of law that governs the creation, enforcement, and termination of contracts between parties.
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Q197: What distinguishes public goods from private goods?