Lawrence J. White
Abstract
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To the extent that competition also provides an incentive for a firm to keep its costs at the minimum level consistent with the output it chooses, this is an added benefit from the competitive process.
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To the extent that competition also provides an incentive for a firm to keep its costs at the minimum level consistent with the output it chooses, this is an added benefit from the competitive process.
Key concepts: Economies of scale, Natural monopoly, Scale (ratio), Economies of agglomeration, Industrial organization, Monopoly, Flexibility (engineering), Economics