Describe      some of the types of intellectual property and why it is appropriate for      the government to regulate intellectual property.

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.