Question

patents are objectionable." How would you defend the patent system against this argument?

Answer 1

Answer:

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Explanation:

Avoidable monopolies are objectionable because they lead to higher prices and/or lower supply than would be the case in a free market. Patents confer avoidable monopolies.

therefore, in monopoly, there is no distinction between an one organization constitutes the whole industry

demand and revenue under monopoly

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