Patents turn new ideas into
A)public goods,and increase the incentive to engage in research.
B)public goods,but decrease the incentive to engage in research.
C)private goods,and increase the incentive to engage in research.
D)private goods,but decrease the incentive to engage in research.

Question

Quizplus · Accepted Answer

Patents turn new ideas into private goods, as they grant exclusivity to the inventor. This increases the incentive to engage in research because the inventor can profit from their invention without competition for a certain amount of time. Public goods are non-excludable and non-rivalrous, so making an idea a public good through a lack of patent protection would decrease the incentive to engage in research.

Patents Turn New Ideas into