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While defining the concepts clearly,discuss agglomeration effects and external economies.Explain the three main ways in which external economies can be derived.
Solar Panels
Photovoltaic (PV) devices or arrays that convert sunlight directly into electricity.
Efficiency
The ability to achieve a desired result or output with the least waste of time, effort, or resources.
Equity
Fairness.
Zero-Profit Equilibrium
A situation in a competitive market where each firm earns exactly what it spends, leaving no net profit.
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