Equilibrium in a perfectly competitive market results in the ...

[JMatthes]

Equilibrium in a perfectly competitive market results in the greatest amount of economic surplus, or total benefit to society, from the production of a good.
 
  Why, then, did Joseph Schumpeter argue that an economy may benefit more from firms that have market power than from firms that are perfectly competitive?

Question 2

In many business situations one firm will act first, and then other firms will respond. To help analyze these types of situations economists use
 
  A) follow-the-leader-games. B) sequential games.
  C) retaliation games. D) bargaining games.

[juwms]

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[JMatthes]

Thanks for the timely response, appreciate it

[sultansheikh]

Great answer, keep it coming