Which of the following goods does a patent turn a new idea into?
A) a public good, which increases the incentive to engage in research
B) a public good, which decreases the incentive to engage in research
C) a private good, which increases the incentive to engage in research
D) a private good, which decreases the incentive to engage in research

Question

Quizplus · Accepted Answer

A patent turns a new idea into a private good as it grants the exclusive right to produce and sell the invention to the patent holder, thereby creating a potential source of profit. This increases the incentive to engage in research as inventors can now monetize their ideas without fear of immediate competition.

Which of the Following Goods Does a Patent Turn a New