Author Question: Equilibrium in a perfectly competitive market results in the greatest amount of economic surplus, or ... (Read 78 times)

JMatthes · **on:** Jun 29, 2018

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 · **Reply #1 on:** Jun 29, 2018

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