Does a very high long-run elasticity of demand in an
1. Does a very high long-run elasticity of demand in an industry necessarily imply that there is no public policy issue?
2. Explain why the exercise of market power is not necessarily a "bad" thing if there are economies of scale in an industry.
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1 does a very high long-run elasticity of demand in an industry necessarily imply that there is no public policy issue2
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