According to William Baumol, in oligopolistic competition among major high-tech companies, what role has innovation played?

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Generated constant economies of scalePreserved the connection between companies and their customersSupplanted price as the key competitive factorRestricted the growth potential of firms

Explanation

Baumol argues that in oligopolistic markets dominated by large high-tech firms, innovation becomes more critical than price in gaining competitive advantage, effectively replacing price as the main factor in competition.