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 134 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
:D TYSM

Kedrick2014

  • Member
  • Posts: 359
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

More than 20 million Americans cite use of marijuana within the past 30 days, according to the National Survey on Drug Use and Health (NSDUH). More than 8 million admit to using it almost every day.

Did you know?

The most common treatment options for addiction include psychotherapy, support groups, and individual counseling.

Did you know?

More than 30% of American adults, and about 12% of children utilize health care approaches that were developed outside of conventional medicine.

Did you know?

Liver spots have nothing whatsoever to do with the liver. They are a type of freckles commonly seen in older adults who have been out in the sun without sufficient sunscreen.

Did you know?

As of mid-2016, 18.2 million people were receiving advanced retroviral therapy (ART) worldwide. This represents between 43–50% of the 34–39.8 million people living with HIV.

Early cities were small economic centers surrounded by walls to keep out enemies. These cities had ... Early cities were small economic centers surrounded by walls to keep out enemies. These cities had ...
economic question economic question
economic question economic question
economic question economic question
economic question economic question
economic question (having trouble) economic question (having trouble)
Video: Activation Energy - Valence Electrons

For a complete list of videos, visit our video library