Question: 1.What is a positive externality? How does this differ from a public good? 2. How does innovation create positive externalities? Why are they a problem?

1.What is a positive externality? How does this differ from a public good?

2. How does innovation create positive externalities? Why are they a problem?

3. What are the key market failures surrounding investment in innovation?

4. Does the creation of intellectual property rights help or hinder the markets for innovative goods and processes?

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