What are the various sources of profits? Do you think that all profits can be explained in terms of the monopoly power exercised by the producer?
Introduction Profit is the surplus remaining after all costs and expenses of running a business are deducted from its revenue. In economics, profit serves as a reward for entrepreneurship and risk-taking. However, the sources of profit are diverse and extend beyond just monopoly power. Understanding these sources provides insight into the dynamics of business success […]