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Market Power and Monopoly End of Chapter Problem In the early days of navigation, sailors had a tough time guring out exactly where they were. Pinpointing latitude was easy enough with a sextant, but because the earth was constantly spinning, pinpointing longitude by using celestial bodies was impossible. Anxious for a solution to this problem, the British government sponsored a contest with a prize of 20,000 (about $5 million in today's dollars) to the inventor who could devise a reliable method of calculating longitude. Once invented, the method would be made available to anybody who wanted to use it. Identify each advantage of such a system in maximizing social well-being relative to the traditional system of awarding patents. Because the invention would be available to anyone, consumer surplus would expand. I:I Such a competition is likely to motivate many people to attempt to solve the problem. I:I Would-be inventors will be motivated to innovate by the potential for monopoly prots. Consumer surplus would not be transferred to producer surplus through patent rights awarded to the inventor of the new system. Incorrect