System encourage duplicative efforts

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Q1. In the case of the diamond, duplicative mineshafts were a waste if economic resources and the law makes them unprofitable. Instead of a diamond, what if a number of independent inventors are racing to be the first to obtain a valuable patent and the monopoly it grants. Does the patent system encourage duplicative efforts solely for the chance to be first? Why might you want the patent system to do this?

Q2. What is the meaning of economists when they say that "there is no free lunch"? Illustrate an example to which this statement applies.

Reference no: EM138697

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