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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?
Productive Contribution
The input or service provided by a factor of production towards the making of goods and services.
Corporate Form
A legal structure for businesses recognized as separate entities from their owners, providing limited liability protection and enabling easier access to capital.
Cost Efficient
Achieving a specific goal or output with minimum expense or least waste.
Economic Profit
The discrepancy between sum revenue and sum expenses, taking into account both acknowledged and assumed costs.
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