Determining the market mechanism

Reference no: EM131824722

Question: How can the market mechanism guarantee that the marginal cost of production will be the same across all firms if those firms have different owners, are in different locations, and have unique cost functions known only to the firms themselves? Why don't these different firms need to have one shared owner or one shared manager to coordinate this "equal marginal cost" condition?

Reference no: EM131824722

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