Define the Two Categories of Intellectual Property

question 57

Essay

Define the two categories of intellectual property.

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Definitions:

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay, representing their gained utility.

Supply Shift

A change in the quantity of a product or service that producers are willing and able to sell at all prices, due to factors like technology, production costs, or number of sellers.

Normative Analysis

A type of analysis concerned with what ought to be, focusing on value judgments and statements of what is good or bad.

Socially Desirable

Actions or policies that are beneficial for society as a whole, often considering long-term benefits over short-term gains.