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If there is zero search cost,then in the presence of asymmetric information,competitive firms will
Total Cost Function
The mathematical representation that describes how total cost varies with the level of output, encompassing both fixed and variable costs.
Asymmetric Information
A situation where one party in a transaction has more or better information than the other, leading to an imbalance in power and potentially unfair outcomes.
Vertically Integrated
A business model in which a company controls multiple stages of production which would normally be operated by separate companies.
Production Capacities
The maximum output levels that a company or economy can achieve with the current resources and technology.
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