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Substitutability, Cost Effectiveness, and Output (revised 23 April 2012; formerly titled “Product Change and Output Invariance” and then “Output Invariance Across Products”)

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This note gives a method that can sometimes be used to find the long-run equilibrium output of a firm operating under imperfect competition and which differs from standard methods of output determination. Let X be a product supplied under oligopoly or monopolistic competition and suppose that,...

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