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Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992

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BuyFindarrow_forward

Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992
Chapter 2, Problem 5DQ
Textbook Problem
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Most American businesses are small, but most of the output is produced by large businesses. That sounds paradoxical. How can it be true?

To determine

To compare output produced by large and small firms.

Explanation of Solution

In America, most of the businesses are small but most of the output is produced by big firms because big firms have large market share.

Small firms produce lower outputs which form an insignificant part of the total output of the industry...

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