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The Social Welfare Function
The Impact of Scale Economies
4 other sections not shown
allocative inefficiency alternative antitrust debate antitrust intervention antitrust policy assessing assumption average cost benefits cent characterised circumstances competitive industry consumer sovereignty cost curve cost savings cost-benefit analysis deadweight loss defined demand curve Demsetz discretionary economic theory economists effect efficiency emphasised equilibrium evidence exist fair-rate-of-return favour guidelines Herfindahl Index implications important incentive to invent increase innovation inventor issues knowledge labour laissez-faire Leibenstein less loss of consumers marginal cost market power problem measure merger proposals monopolistic competition non-discretionary antitrust O. E. Williamson oligopoly organisation outlined Paretian Pareto principle perfect competition pragmatic production profit maximisation public policy pure monopoly rates of return reason recent reference regulated firm regulatory relevant restrictive agreements result returns to scale Rowley scale economies shop-floor significant single-firm social welfare function solution surplus survey Telser theoretical tion trade-off analysis value premises viewpoint welfare economics welfare gains welfare loss welfare trade-off Williamson 84 Williamson trade-off X-efficiency X-inefficiency