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We have seen that a price-searcher can maintain positive economic profits in the long run only if there are high barriers to entry. Some of these barriers are technological or structural, but most monopolies have government protection. Examine the pros and cons of seeking government protection from competition. Specifically, if you were the CEO of a price-searching firm earning temporary positive economic profits, would you seek government support for blocking entry into your market? Why or why not?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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