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Why do so many international markets tend towards oligopolist structure?
Definition of oligopoly - few and large firms with market power
a) Advantages of scale (LRAC diagram)
b) New markets - enhanced revenue/profits
c) spread of technology - firms will gain technological edge by merging or acquiring other firms
d) International firms will have access to foreign capital and lower cost factors of production
e) input from foreign markets can advantage the firm elsewhere, i.e. new tastes and preferences can permit the firm to transfer this knowledge to other markets
What are the important functions to maximize total surplus? The market equilibrium maximizes total surplus since the market performs four significant functions are as follows:
explain the concept economies/diseconomies of scale and minimum efficient scale
how slustky equation provides neat analytical expression for substitution and income effect?
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