Question
Suppose that a firm invests in R&D in order to improve its product. Give an example where this would be a form of normal profit
Suppose that a firm invests in R&D in order to improve its product. Give an example where this would be a form of normal profit seeking. Give an example where this would be a form of rent seeking. What is the key difference?
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Microeconomics An Intuitive Approach with Calculus
Authors: Thomas Nechyba
1st edition
538453257, 978-0538453257
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