A firm contemplating entering the market would need to invest $100 million to build a minimum efficient scale production plant (or about $10 million…October 4, 2020
13) If the wage rate increases: a purely competitive and an imperfectly competitive producer will both hire less labor.October 4, 2020
Businesses often decide between using automation and labor in production. An automotive environment may have high fixed costs and low variable costs, and an industry that utilizes manual labor for production will have low fixed costs and high variable costs. How has technology changed the balance between automation and labor? What type of industry benefits the most from technological innovation?
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