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Question 3 (a) In the context of the optimal patent model, explain in words how the government should set the optimal length of the patent.

Question 3

(a) In the context of the optimal patent model, explain in words how the government should set the optimal length of the patent. [4 marks]

(b) Explain two reasons why it may be optimal to increase patent length as technology continues to improve. [2 marks]

(c) Explain in words how winner-takes-all competition may lead society to select an inferior technology. [4 marks] [Total for Question 3 = 10 marks]

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