Question
Imperfectly competitive markets offer better use of resources (comparative advantage exists) than perfect competition. Can you think of the reason(s) why? [HINT: economies of scale]
Imperfectly competitive markets offer better use of resources (comparative advantage exists) than perfect competition. Can you think of the reason(s) why? [HINT: economies of scale]
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In imperfectly competitive markets such as monopolies or oligopolies there are several reasons why they may offer better use of resources and exhibit ...Get Instant Access to Expert-Tailored Solutions
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