An economist argues that with respect to advertising in some industries, gains to advertising firms are matched

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An economist argues that with respect to advertising in some industries, "gains to advertising firms are matched by losses to competitors" in the industry. Briefly explain the economist's reasoning. If his reasoning is correct, why do firms in these industries advertise?
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Economics

ISBN: 978-0134106243

6th edition

Authors: R. Glenn Hubbard

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