New Evidence on the Markup of Prices over Marginal Costs and the Role of Mega-Firms in the US Economy
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The markup of price over marginal cost reveals market power. The distinction between marginal and average cost is key. Average cost is easy to measure, but the price/average cost ratio understates the price/marginal cost ratio when fixed costs are present. In particular, in free-entry equilibrium,
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美国国家经济研究局创建时间：
2018-05-01
