Question: 1. Explain how the minimum efficient scale (MES) can be used as a proxy for the level of competition in an industry 2. Describe the

1. Explain how the minimum efficient scale (MES) can be used as a proxy for the level of competition in an industry

2. Describe the major differences between the short-run and the long-run production phases.

3. Describe how economies of scale may serve as an effective barrier to competition in an industry.

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