Problem
Alexander Graham Bell beat Elisha Grey to the patent office by several hours, so that Bell obtained the patent on the telephone. Imagine how much that patent turned out to be worth. How much do you think Grey got for his effort and expenditure on development of the invention? How does that help explain the possibility that average economic profits from innovation are close to zero?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.