3. Consider the patent system. a) What efficiencies does with the patent system offer? What are some of the inefficiencies? b) What are some of the alternatives? What are their inefficiencies? c) Patent holders can often license their IP with a price-fixing clause in the license. For example, if I hold a patent on widgets and license you to produce widgets, should I be permitted to fix the price of your widgets? Would it be legal for a group of firms to pool their patents and only license the entire group of patents with price-fixing clauses? d) Explain the difference between a property rule and a liability rule. How might a liability rule handle subpatentable innovations