Inventors often obtain patents on new products and processes,thereby turning new ideas into
A)private goods and increasing the incentive to engage in research.
B)private goods but decreasing the incentive to engage in research.
C)public goods and increasing the incentive to engage in research.
D)public goods but decreasing the incentive to engage in research.

Question

Quizplus · Accepted Answer

By obtaining patents on new products and processes, inventors can claim exclusive rights to their creation for a limited time, thereby turning their ideas into private goods. This increases the incentive for inventors to engage in research because they can potentially profit from their creations.

Inventors Often Obtain Patents on New Products and Processes,thereby Turning