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22. In class, we discussed the idea of patents and how they give monopoly power to the patent holders. Why does society tolerate and, in

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22. In class, we discussed the idea of patents and how they give monopoly power to the patent holders. Why does society tolerate and, in fact, endorse the blatant creation of monopolies even when economists can prove that monopoly is less efficient than competition within any single market? (10 points)

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