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Lower average cost of production

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1. A firm has a lower average cost of production today than it did one year ago, without any changes in the quality of the good produced. The prices of inputs to production are unchanged. It follows that this decline in average cost must be the result of learning.

2. In the Cournot model with entry, there is always too little entry (that is, less entry than is efficient). Could you please explain whether it is true false or uncertain, could you explain please.

Reference no: EM131088422

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