This note illustrates the fact that the number of active firms in free entry equilibrium may be largely indeterminate and different levels of positive profits may in many cases be sustained. This is shown to be true, in spite of market contestability, either under Cournot competition or under product differentiation. Examples are given for both cases. Appropriate conditions of increasing returns are required.
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Paper provided by Universite Aix-Marseille III in its series G.R.E.Q.A.M. with number
96a16.
Length: 21 pages Date of creation: 1996 Date of revision: Handle: RePEc:fth:aixmeq:96a16
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Find related papers by JEL classification: D40 - Microeconomics - - Market Structure and Pricing - - - General D43 - Microeconomics - - Market Structure and Pricing - - - Oligopoly and Other Forms of Market Imperfection D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
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