Perfectly competitive firms earn zero economic profits is a classical conclusion in economics. The reason is simple: when many firms produce the same products in the same market, price wars are likely inevitable until prices are driven down to cost levels. Thus, to avoid price wars or, in other words, to gain pricing power, companies need to find ways to build a moat that protects them from competitors, such as developing unique ...

Over the weekend during my research I decided to investigate more about the claims of AI being transformative and enhancing productivity.
In general, it seems the main benefit will be time. For example, chatgpt, the most well known AI application, allows us to save time from having to sift through internet search results to find what we need. Instead of going to Google I just ask my AI and it does the work for me. Not only is it faster, I don't have to worry about phishing websites ...

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This presentation is for informational and educational use only ...