The Economy Today
To Maintain Market Power,firms Will Sometimes Purchase Their Competitors.
To maintain market power,firms will sometimes purchase their competitors.
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Monopolists have an advantage over competitive markets in receiving the full benefit of research and development efforts.
A monopoly is considered more desirable to society than a perfectly competitive firm because a monopoly has the incentive to pursue research and development.
Economies of scale occur when the long-run average cost curve slopes downward.
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