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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?
Welfare System
A government program that provides financial aid and services to support individuals and families in need, aiming to meet basic human needs and promote social well-being.
Oslo Accords
A set of agreements signed in the 1990s between Israel and the Palestine Liberation Organization (PLO) aimed at achieving a peace process.
Middle East
The Middle East is a geopolitical region centered on Western Asia and Egypt, characterized by its strategic economic, political, and cultural importance and its history as a cradle of civilization.
Peace
A state or condition where there is no war, conflict, or violence within a country or between countries, allowing for stability and safety for communities and individuals.
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