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By Charles K. Rowley

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In Fig. 8, D represents the demand curve and MR the corresponding marginal revenue curve of the individual producer. LAC represents the firm's long-run average cost curve and MC the corresponding marginal cost curve. The profit-maximising output rate is at OQ, with price at OP. Normal profit only (written into LAC) is obtained in competitive equilibrium and, 58 Price and cost Output rates FIG. 8. Long-run equilibrium under monopolistic competition as with perfect competition, firms are driven to operate upon an X-efficient cost platform.

E. on a par with returns to scale. K. S. economies. Nevertheless, such evidence as exists is suggestive that X-inefficiency may indeed assume significant dimensions. For the most part, the available evidence must be derived as a by-product from studies conducted with different objectives than that of measuring X-inefficiency - productivity studies, efficiency audits, regulatory investigations, planning surveys and the like - and Leibenstein provided by far the most 53 comprehensive survey of such accumulated information in his 1966 article.

Arrow [2] in particular is sceptical about the ability of inventors to capture the value of their information for themselves. The case of complete inappropriability is quite unrealistic, of course, since there are always lags and frictions in the transmission process which enable the inventing firm to appropriate some of the benefits. The typical case, in the absence of state intervention, is that of inventions which are only partially appropriable, and which in part become a free good. In such circumstances, a public policy dilemma is posed.

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