Q. 1. "Patent systems can be worthwhile if induced innovations are important also if the rewards from patents speed them up." Explain why this statement is true.

2. Explain why under normal conditions of time-cost trade-offs also benefit curves, a dominant firm will usually lean toward imitating rather than innovating.

3. Discuss three industries with high degrees of technological opportunity also three industries with very low technological opportunity. Illustrate what evidence helps you to make these judgments?

4. Explain the replacement effect, which may cause monopoly firms to innovate less rapidly.

5. Discuss three leading families whose wealth arose at least partly from monopoly. Is their wealth still important?

6. Discuss the values that are provided by competition itself.

These are review questions from the Innovation, Fairness, also Other Values chapter from Shepherd's 5th edition of The Economics of Industrial Organization textbook.