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Suppose you manage a United States based firm that makes shoe laces that you sell in a highly competitive market (your shoe laces are considered a standardized commodity by your customers). Your marketing staff predicts that in the upcoming year overall industry supply will fall by at least 4 percent because some of your United States competitors cannot continue to compete with foreign suppliers, but market demand will rise at least 2 percent. How, if at all, should you alter your production plans for the coming year?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9309821

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