A monopolist is making specialty micro. Answer the following questions about patents/intellectual property. (a) If a policy-maker wished to maximize static efficiency, would there be a need for patents/intellectual property? Explain. (b) Would it ever be efficient to have patents that last forever? Explain. (c) Given the above, explain how patents/intellectual property policy strikes a balance between dynamic and static efficiency considerations.chips. Assume demand for the microchips is Q = 12 P and the firm currently has a patented production process that results in constant marginal cost of $6. There is no fixed cost. Either the monopolist or a potential entrant can invest in a new innovative production process that allows for constant marginal cost of production of $3