The economic benefit of a patent or copyright must be balanced against
A)the external benefit from the good.
B)the external cost of the good.
C)the marginal private cost of the good.
D)the cost of temporary monopoly.
E)the marginal social cost of the good.

Question

Quizplus · Accepted Answer

The cost of temporary monopoly refers to the potential negative effects on competition and consumer welfare that can result from granting exclusive rights to a patent or copyright holder. While patents and copyrights can incentivize innovation and creativity, they also limit competition and can lead to higher prices for consumers. Therefore, it is important to weigh the economic benefits of these legal protections against the potential costs of reduced competition and consumer welfare.

The Economic Benefit of a Patent or Copyright Must Be