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Suppose a new invention is hard to copy, so there is an imitation lag of L years. Suppose also that patent protection offers the inventing

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Suppose a new invention is hard to copy, so there is an imitation lag of L years. Suppose also that patent protection offers the inventing firm a monopoly in the sale of the invention for T years. Finally, assume that the inventing firm needs to earn J years of monopoly protection in order to recover the development costs of its invention. Which of the following scenarios indicates an optimal patent policy

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