The industry supply function and the long-run competitive equilibrium with heterogeneous firms
In developing the theory of long-run competitive equilibrium (LRCE), Marshall (1890) used the notion of a representative firm. The identity of this firm, however, remained unclear. Subsequent theory either focused on the case where all firms are identical or else incorporated heterogeneity but disre...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Academic Press Inc.
2019
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| Subjects: | |
| Online Access: | View Fulltext in Publisher |