Economic profit is most closely associated with

Name: Economic profit is most closely associated with
Brand: Quizplus
Rating: 5.0 (51 reviews)

Question

Quizplus · Accepted Answer

Economic profit is most closely associated with monopoly, innovation, and uninsurable risks because it often arises in situations where firms can establish a competitive advantage, either through market power (as in monopolies), through innovative products or processes, or in environments where there are significant risks that cannot be insured against, allowing firms to earn above-normal returns.

Economic Profit Is Most Closely Associated with