Your business wins a patent for a special graphic design construction method.The result in the market because of this patent would include
A)an increase in consumer surplus and benefits to consumers.
B)an increase in society's benefits.
C)a decrease in producer surplus.
D)a decrease in consumer surplus.

Question

Quizplus · Accepted Answer

A patent typically grants the holder exclusive rights to use, make, and sell the invention, which can lead to a decrease in consumer surplus. This is because the patent can prevent other companies from offering similar products, potentially keeping prices higher than they would be in a competitive market.

Your Business Wins a Patent for a Special Graphic Design