Suppose that x and y are substitutes for all but one consumer. Does it follow that the market demand for x will be increasing in the price of y? Show that the long-run equilibrium number of firms is...


Suppose that x and y are substitutes for all but one consumer. Does it follow that the market demand for x will be increasing in the price of y?


Show that the long-run equilibrium number of firms is indeterminate when all firms in the industry share the same constant returns-to-scale technology and face the same factor prices.

Nov 15, 2021
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