Asked by Kevin Vadakkel on Jun 03, 2024
Verified
Apple founder Steve Jobs received patents on many of his ideas. While the patents existed, his ideas were
A) public goods and proprietary knowledge.
B) public goods but not proprietary knowledge.
C) private goods and proprietary knowledge.
D) private goods but not proprietary knowledge.
Proprietary Knowledge
Information that is not public and is owned by an individual or company, giving them a competitive advantage.
Public Goods
Goods that are neither excludable nor rival in consumption.
Private Goods
Goods that are both excludable and rival in consumption.
- Recognize the significance of patents and proprietary knowledge to innovation and economic growth.
Verified Answer
FL
Fareeza LokmanJun 10, 2024
Final Answer :
C
Explanation :
Steve Jobs' patented ideas were considered private goods because they were excludable and rivalrous, meaning only those who paid for them could use them, and their use by one person prevented simultaneous use by another. They were also proprietary knowledge because the patents gave Jobs and his company exclusive rights to use and profit from these ideas, preventing others from using them without permission.
Learning Objectives
- Recognize the significance of patents and proprietary knowledge to innovation and economic growth.