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djchewinggum djchewinggum
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Consider two firms, A and B, that are producing the same product but with different marginal costs. In this case, we know that

▸ a reallocation of output between the firms can lower the industry's total cost.

▸ neither firm is producing its output at the lowest attainable cost.

▸ some resources must be unemployed.

▸ one firm is not maximizing profits.

▸ each firm is being wasteful.
Textbook 
Microeconomics

Microeconomics


Edition: 17th
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benschmannbenschmann
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