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This question refers to The Long-Run Industry Supply Curve in the Additional Topics section of the MyEconLab. Explain why perfectly competitive agricultural industries may have
This question refers to The Long-Run Industry Supply Curve in the Additional Topics section of the MyEconLab. Explain why perfectly competitive agricultural industries may have external economies of scale and thus may be declining-cost industries arising from the behavior of the farm machinery industry. Is it relevant that the farm machinery industry is dominated by a small number of very large firms?
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