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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?
Buyers
Individuals or entities that purchase goods or services for consumption or investment.
Market Situations
Scenarios or conditions prevailing in a market that influence the behavior of market participants, including competitiveness, demand, and supply dynamics.
Tax Burden
The measurement of taxes paid by an individual or business, often expressed as a percentage of income or as the total amount of taxes paid.
Buyers
Individuals or entities that purchase goods or services in a market.
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