People often believe that large firms in an industry have cost advantages over small firms in the same industry. For example, they might think that a big oil company has a cost advantage over a small oil company. For this to be true, however, what condition must exist? Explain your answer.
Microeconomics
Microeconomics
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People often believe that large firms in an industry have cost advantages over small firms in the same industry. For example, they might think that a big oil company has a cost advantage over a small oil company. For this to be true, however, what condition must exist? Explain your answer.
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