Markets exacerbate effects of luck in distribution of income

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In chapter 9, Success and Luck, Robert Frank discusses the luck necessary to be successful and the impact of winner-take-all markets. How do winner-take-all markets exacerbate the effects of luck in the distribution of income to successful individuals?

Chapter 10 of the Darwin Economy spends considerable time on the process of taxation and its impact on incentives to work and create employment. In this context, Robert Frank points to some of the common catch phrases of the libertarians regarding taxes and gives counter arguments. Please discuss one of the libertarian positions on taxes and Dr. Frank’s response. Which of these positions to find more compelling, the libertarian’s or Dr. Frank’s? Why?

Using a market model, supply and demand diagram, and a model of a firm in perfect competition in the long run, please explain why a firm in this type of competitive environment will be limited to earning a normal profit in the long-run.

Initially the firm should be earning an economic profit

Explain why in perfect competition why the firms economic profit will be eliminated

Use the model below as your starting point and be sure to label all axes and functions (lines):

Reference no: EM131098993

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Markets exacerbate effects of luck in distribution of income : Success and Luck, Robert Frank discusses the luck necessary to be successful and the impact of winner-take-all markets. How do winner-take-all markets exacerbate the effects of luck in the distribution of income to successful individuals?

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