In this blog, post responses to the discussion prompts below. Your response must be substantive with at least 100 words.
- Define benefit and cost externalities. Explain why situations involving benefit externalities tend to result in an under-allocation of society’s scarce resources, and why situations involving cost externalities tend to result in an over-allocation of society’s scarce resources.
- Describe some of the types of intellectual property and why it is appropriate for the government to regulate intellectual property.