The lack of incentives or competitive pressures may lead monopolistic firms to neglect minimizing unit costs of production, i.e., to tolerate "X-inefficiency" (phrase coined by H. Leibenstein). Included in X- inefficiency are wasteful expenditures such as maintenance of excess capacity, luxurious executive benefits, political lobbying seeking protection and favourable regulations, and litigation" (Khemani and Shapiro, 1993). In all, monopoly is the economic state in which a single company produces a

Certainly, the most powerful demonstration of his approach to protection of his authority and the state against political dissent would come in the form of his uncompromising treatment of rebellion. The enormity and ethnic variations defining the Russian empire would subject it inherently to acts of rebellion, regional conflicts and various small but organized efforts at undermining the authority of the tsars. Peter took an extremely decisive approach to these

Smith believed this would lead to inefficiency. However, unlike Plato, Smith did not believe that the ideal republic should decide from birth what occupation an individual should follow, rather that the individual must freely choose by his or her own will, how to direct his or her energies and labor in the most efficient and self-interested fashion, which would ultimately result in the advancement of the nation as a whole.

Therefore, a country which is able to produce one good with a lower opportunity cost than another country, should specialize in producing that good which will turn into a competitive advantage. However, when assessing this theory at the level of international trade, it is harder to depict the competitive advantages. The model may seem to be unrealistic. The resources employed in real world are not restrained to labor and the

It offers a good theory as it emphasizes on the production and export of those items for which a country possesses a comparative advantage. Furthermore, through its focus on the reduction of taxes and tariffs in international trade and the adherent practices, the theory of comparative costs has set the basis for the contemporaneous processes of market liberalization and globalization. But the theory has not been spared from criticism. Oumar

The session erupted in brawl, and in the end, the vote favored impeachment . This became known as "Bloody Monday." This time, Long's bullying tactics did not work. Long took his case to the people, claiming that his impeachment was a raucous attempt by Standard Oil to deprive the people of what they deserved. As the trial began, Long passed around "Round Robin" document that was signed by more than one