This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Because of rent seeking, a monopoly may end up making zero economic profit. Is the previous ... (Read 66 times)

jman1234

  • Hero Member
  • *****
  • Posts: 560
on: Jun 29, 2018
Because of rent seeking, a monopoly may end up making zero economic profit. Is the previous statement correct or incorrect? Why?
 
  What will be an ideal response?

Question 2

What is an isoquant?
 
  What will be an ideal response?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

sultana.d

  • Sr. Member
  • ****
  • Posts: 320
Reply #1 on: Jun 29, 2018
Answer to Question 1

The statement is correct. Competition among rent seekers might cause the successful person striving to create a monopoly to pay so much in order to create the monopoly that, when taking into account the cost of creating the monopoly, the person makes only zero economic profit.

Answer to Question 2

An isoquant is a curve that shows all of the combinations of labor and capital that can be used to produce a given level of output.


jman1234

  • Member
  • Posts: 560
Reply 2 on: Jun 29, 2018
Wow, this really help

amynguyen1221

  • Member
  • Posts: 355
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

Fewer than 10% of babies are born on their exact due dates, 50% are born within 1 week of the due date, and 90% are born within 2 weeks of the date.

Did you know?

About 80% of major fungal systemic infections are due to Candida albicans. Another form, Candida peritonitis, occurs most often in postoperative patients. A rare disease, Candida meningitis, may follow leukemia, kidney transplant, other immunosuppressed factors, or when suffering from Candida septicemia.

Did you know?

About 3.2 billion people, nearly half the world population, are at risk for malaria. In 2015, there are about 214 million malaria cases and an estimated 438,000 malaria deaths.

Did you know?

Though “Krazy Glue” or “Super Glue” has the ability to seal small wounds, it is not recommended for this purpose since it contains many substances that should not enter the body through the skin, and may be harmful.

Did you know?

Illness; diuretics; laxative abuse; hot weather; exercise; sweating; caffeine; alcoholic beverages; starvation diets; inadequate carbohydrate consumption; and diets high in protein, salt, or fiber can cause people to become dehydrated.

Model for evidence-based clinical decision making. Model for evidence-based clinical decision making.
This debutante is making her formal entrance into society, announcing her eligibility for marriage. ... This debutante is making her formal entrance into society, announcing her eligibility for marriage. ...
Economic value (Dollars per Hectare) of sustainable ecosystems Economic value (Dollars per Hectare) of sustainable ecosystems
Making Low-Fat Choices Making Low-Fat Choices
economic question economic question
economic question economic question
Video: Studying the Left and Right Brain Independently

For a complete list of videos, visit our video library