Compare John K. Galbraith's and Alfred Marshall's views on innovation and plant size.
Answer to relevant QuestionsPerfectly competitive firms in long-run equilibrium produce at the lowest point on their ATC curve. They produce at maximum efficiency. Yet, producing at an output that generates maximum efficiency isn't their intent. Why, ...Suppose you were managing a firm in unbal anced oligopoly and your market share was less than 5 percent. Describe how your price and output levels would be determined. How does godfathering work? Who decides price? How do other firms in the oligopoly react to the price leader? Why? Explain the difference between two firms merging and two firms engaging in a joint venture. Describe five different views economists hold concerning what to do about monopoly and oligopoly pricing
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