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Title: A firm in a perfectly competitive market invents a new method of production that lowers its marginal costs. What happens

Question Details
Q:

A firm in a perfectly competitive market invents a new method of production that lowers its marginal costs.

What happens to its output?

What happens to the price it charges?

a. The firm has an employee who threatens to tell all other firms in the industry about how to implement this new technique. Will it be possible to bribe the employee not to do this? Explain why or why not.

c. What factors will determine the best number of firms to sell the secret to? (Assume that those who get the information keep the secret instead of selling it to still others.)


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Title: A firm in a perfectly competitive market invents a new method of production that lowers its marginal costs. What happens

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    • Posted Date: May 4, 2012 at 5:30:42 PM

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A:
...in a perfectly competitive market invents a new method of production that lowers its marginal costs...

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Full Answer with Chart and Graph- Economics - Perfect Competition .doc  (77K)

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