If a Price-Taking Firm That Belongs to an Industry in Long-Run

question 37

Multiple Choice

If a price-taking firm that belongs to an industry in long-run equilibrium discovers a significant cost-saving technology,then

• A) all firms will enjoy positive economic profit for a short period of time.
• B) the rest of the industry will quickly adopt the new technology.
• C) the firm will enjoy positive economic profit forever.
• D) the firm will lower the price to drive the rest of the industry out of business.
• E) the firm will not implement the new technology,fearing a price war with the rest of the industry.

Grasp the fundamentals of bond agreements and the implications of changes in interest rates on bond investments.

Understand the principles of JIT and their application for competitive advantage.

Recognize the concepts and terminologies associated with JIT systems.

Identify methods of employee empowerment within JIT frameworks.

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