What factor(s) enable a monopoly to make an economic profit in the long run?
What will be an ideal response?
Monopolies can make an economic profit in the long run because of barriers to entry. Barriers to entry keep other firms from entering the industry and driving down the price and profits.
Economics
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Why might the use of more advanced technology not be a sufficient condition for sustained economic growth?
What will be an ideal response?
Economics
A tax is said to be progressive if
a. the absolute size of the tax (in dollars) increases as income increases b. the wealthy pay a smaller percentage of their income than the poor c. the average tax rate falls as income rises d. the proportion of income paid as taxes increases as income increases e. the proceeds are used to pay for liberal political programs
Economics