Arnold Harberger estimated this condition cost the United States $59 million annually during the 1920s.
Arnold Harberger estimated this condition cost the United States $59 million annually during the 1920s. Gordon Tullock and Anne Krueger found that the social cost of "rent seeking," as exemplified by agents investing towards this condition, greatly exceeds a more famous quantity associated with it. Market failure or high externalities can create a social preference for this condition, a fact suggested by its graphical representation, which depicts (*) consumer surplus adjacent to the famous "triangle" of deadweight loss. Economies of scale may create the high barriers to entry in this situation, in which the producer is not a price-taker. For 10 points, identify this condition contrasted with perfect competition in which a market is dominated by a single producer.
Arnold Harberger estimated this condition cost the United States $59 million annually during the 1920s.
monopoly [or word forms; do not accept "monopolistic competition"]