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- W2476216869 abstract "This chapter presents small efficient scale as a foundation for Walrasian equilibrium. The set of aggregate technological possibilities for the economy is obtained by summing the production sets of a very large number of productive units, interpreted as firms. These units are most efficient when their output is small (infinitesimal) relative to the demand, and the classical case of U-shaped average cost is admitted in the analysis. Moreover, because efficient scale is small, firms have only an infinitesimal effect on price when confined to the region in which they make positive profit. This enables one to capture the notion that the demand curve appears flat to a firm, while at the same time demand price may change substantially with substantial changes in aggregate quantity. The mass of firms active in an equilibrium is determined by the conditions of supply and demand. Small changes in aggregate demand will typically change the list of firms which are present in an equilibrium. Because changes in taste cause some firms to leave the market and others to enter, and because there are usually firms on the margin of entry, entry plays an important role in the explanation of value." @default.
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- W2476216869 date "1982-01-01" @default.
- W2476216869 modified "2023-10-04" @default.
- W2476216869 title "Small Efficient Scale as a Foundation for Walrasian Equilibrium**We wish to acknowledge the helpful comments of the referee and also to thank the National Science Foundation for financial support." @default.
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- W2476216869 doi "https://doi.org/10.1016/b978-0-12-476750-8.50011-7" @default.
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