Intellectual property laws are intended to promoteinnovation, but some economists, such as MiltonFriedman, have argued that such laws are not desirable.In the United States, there is no intellectual propertyprotection for food recipes or for fashion designs.Considering the state of these two industries, andbearing in mind the discussion of the inefficiency ofmonopolies, can you think of any reasons whyintellectual property laws might hinder innovation insome cases?

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A: *Answer:

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Q: Melanie and Oli are competing Pacific halibut fishers. Both have been allocated ITQs that limit…

A:

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Q: Why do Economists prefer competition to monopoly?

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