In the 19th Century John Deere Took Out a Patent

question 138

Multiple Choice

In the 19th century John Deere took out a patent on a newly designed plow that incorporated steel to make plowing faster.Many farmers bought plows from his company and he made millions.This example shows that patents turn an idea into a

• A)public good.
• B)societal good.
• C)private good.
• D)normal good.

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Definitions:

Liability

Legal responsibility or obligation for actions, which can result in the requirement to compensate for harm or damages caused.

Conversion

Unauthorized act of taking or using someone's property, leading to the deprivation of the owner's rights.

Authorized Ownership

The legal right or title to own something that is recognized or sanctioned by law or proper authority.

Instrument

A legal document formalizing an agreement or right, often used in contexts such as financial instruments or legal contracts.