Match the different externalities on the right with the government actions relat

Question

Match the different externalities on the right with the government actions related to new technologies listed on the left that may cause them. All externalities will be used, and each action may have more than one related externality. Actions Creates temporary monopolies Provides incentive to inventors Extermalities Sometimes granted too slowly Patent Sometimes granted too easily Government Spending Costs taxpayers Can be politically, not scientifically, motivated Reduces firms' incentives to innovate. Allowing collaboration between different reads out risks of research ompanies Incorrect. How long does it take to grant a patent? What happens when others are also innovating in that time? Also double check the other items.

Explanation / Answer

All are correct.

Patent garnted can be sometimes easy or sometimes slow.

It is a time consuming process. Whenever a unique product or process is invented, the patenting team checks all the things whether it is authentic or plagiarised. Therefore, we cannot say when it will be granted. It depends on the type of product as well.

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