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Describe the role of factors influencing optimal patent length? a) (3 marks) In what circumstances will predatory pricing be a successful strategy? b) (2 marks)

Describe the role of factors influencing optimal patent length?

a) (3 marks) In what circumstances will predatory pricing be a successful strategy?

b) (2 marks) Is perfect competition efficient, when considering the potential for innovation? (Briefly explain your answer)

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