if a large number of unskilled workers enter the labor market, which of the following is most likely to occur in the labor market for unskilled workers?

In a perfectly competitive market in a constant-cost industry, firms determine their profit-maximizing price by producing at the point where marginal cost (MC) equals marginal revenue (MR).


1. In a perfectly competitive market, firms are price takers, meaning they accept the market-determined price for their products.
2. In a constant-cost industry, the cost of producing an additional unit of output remains constant regardless of the quantity produced.
3. Firms aim to maximize profit, which is the difference between total revenue and total cost.
4. To find the profit-maximizing quantity, a firm should equate its marginal cost (MC) with its marginal revenue (MR), as this is the point where the firm maximizes the difference between total revenue and total cost.
5. Since all firms in a perfectly competitive market produce homogeneous goods, they charge the same market-determined price for their products.
6. In this scenario, the market price (P) equals the firm's marginal revenue (MR). Therefore, firms should produce at the point where MC = P.
7. By producing at this level, firms in a perfectly competitive market in a constant-cost industry achieve profit maximization.

In summary, firms in a perfectly competitive market within a constant-cost industry determine their profit-maximizing price by producing at the quantity where marginal cost equals the market price, which also equals their marginal revenue.

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Skimming pricing is a strategy that sets a high initial price for a product or service and then gradually lowers it over time.

This approach is commonly used when introducing new products or services. Factors that predict the effectiveness of this pricing policy include inelastic demand, unique product features, limited competition, a strong brand reputation, and a target market consisting of early adopters or customers willing to pay a premium for the latest technology or innovation.

When customers are not very price-sensitive, have limited options, or value a company's reputation and unique features, they are more likely to be willing to pay a premium price for the product or service, making skimming pricing effective.

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Although open market operations  and discount loans both change the monetary base, the Federal Reserve (the Fed) has distinct reasons and mechanisms for using each tool.

Open market operations involve the buying and selling of government securities in the open market, primarily affecting the federal funds rate. This tool is used to regulate the overall money supply and is the Fed's primary method for implementing monetary policy. On the other hand, discount loans are provided to commercial banks and other depository institutions, altering the discount rate, which is the interest rate charged by the Fed. These loans act as a safety net for banks facing short-term liquidity issues and help maintain stability in the banking system.  while both open market operations and discount loans impact the monetary base, the Fed utilizes them for different purposes: open market operations for managing the overall money supply and implementing monetary policy, and discount loans for assisting banks with short-term liquidity needs and ensuring the stability of the financial system.

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The majority of American businesses do not now check their employees' emails sent through company networks. This statement is true.

According to a 2018 survey by the Society for Human Resource Management (SHRM), about 36% of organizations in the U.S. monitor their employees' email and other electronic communication. This is a significant percentage, indicating that a considerable number of companies are monitoring their employees' online activity.

On the other hand, a more recent survey conducted by the same organization in 2020 found that the percentage of companies monitoring employees' email had decreased slightly, to 28%. This suggests that there may be a trend towards fewer companies monitoring email.

It is worth noting that there may be differences in monitoring practices between different industries and types of companies. For example, some industries, such as finance and healthcare, may be more likely to monitor email due to regulatory requirements and privacy concerns.

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Social loafing is more likely to occur in tasks with high interdependence in smaller teams, especially when the task is not interesting.

However, it is less likely to occur when employees believe that the team's objective is important. This is because individuals tend to feel a greater sense of responsibility towards the team's goals and are more motivated to contribute their efforts towards achieving them. So, the answer to your question is a long answer that includes all these terms: social, interesting, and multiple-choice.

Social loafing is more likely to occur when the task is boring and not interesting. In such situations, individuals may not feel as engaged or motivated to contribute their best efforts, leading to social loafing within the team.

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In Stackelberg competition, there are two identical firms competing with each other. The correct option is B.

The leader in this competition is the firm that first sets its quantity or price, and the follower follows the leader's strategy. This means that the leader has a first-mover advantage because it can anticipate the follower's response to its strategy.

Both firms use their competitor's best response function to derive their optimal strategy. The follower, in this case, has a second-mover advantage because it already knows the leader's strategy and can adjust its own strategy to achieve higher profits. This means that the follower has the opportunity to make better decisions based on the information it has.

Therefore, the answer to the question is option B - both firms use their competitor's best response function to derive their optimal strategy, and the follower has a second-mover advantage. It is not true that it does not matter if a firm is a leader or follower. In Stackelberg competition, being a leader or follower can have a significant impact on a firm's profits.

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If you were a Philadelphia Eagles fan deciding whether to buy a ticket to see a certain 2018 NFL playoffs game, then your level of excitement and dedication to the team would most likely determine the choice you might make.

Factors such as the opponent, the location of the game, and the potential outcome may also play a role in your decision. However, ultimately it would be your passion and love for the Eagles that would drive your desire to attend the game and cheer on your favorite team.

The Philadelphia Eagles are a professional American football team based in Philadelphia, Pennsylvania. They compete in the National Football League (NFL) as a member club of the league's National Football Conference (NFC) East division.

The team was established in 1933 and has won three NFL championships and one Super Bowl championship. The Eagles play their home games at Lincoln Financial Field and are known for their passionate fan base, often referred to as the "Eagles Nation."

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The average collection period is calculated as 365 divided by the accounts receivable turnover ratio.

The turnover ratio for accounts receivable evaluates how rapidly a business receives money from its clients. It is computed by subtracting the average accounts receivable balance from the net credit sales. Once you have the accounts receivable turnover ratio, you can calculate the average collection period by dividing 365 (the number of days in a year) by the turnover ratio. This will give you the number of days it takes for the company to collect payments from its customers on average.

The typical duration of time it takes a business to obtain money from a consumer after a sale is made is known as the average collection period. To calculate the average collection period, you first need to determine the accounts receivable turnover ratio.

Once you have the accounts receivable turnover ratio, you can calculate the average collection period by dividing 365 by the accounts receivable turnover ratio.

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lihue, inc., applies fixed overhead at the rate of $2.20 price per unit. budgeted fixed overhead was $770,000. Use the formulas below to determine the variations in the fixed overhead price and production volume.

1. Determine the fixed overhead applied: Fixed Overhead Rate x Actual Units Produced = Applied Fixed Overhead

The total applied fixed overhead is $191,216 ($6.80 x 28,120 units).

2. Determine the Variance in Fixed Overhead Price:

Fixed overhead price variation is determined by dividing the applied fixed overhead by the actual fixed overhead. For example, $191,216 minus $192,100 is -$884 (unfavourable).

3. Determine the budgeted units manufactured:

Budgeted Fixed Overhead / Fixed Overhead Rate equals Budgeted Units Produced.

29,000 units were produced from the budgeted $197,200 ($6.80).4. Determine the Variance in Fixed Overhead Production Volume: Actual Units Produced - Budgeted Units Produced x Fixed Overhead Rate: Fixed Overhead Production Volume Variance

Variance in Fixed Overhead Production Volume = (28,120 - 29,000) x $6.80 = -$5,984 (Unfavourable)

Therefore, the production volume variance for Coe Parts is -$5,984 (unfavourable) and the fixed overhead price variance is -$884 (unfavourable).

b. In step 3, we already performed the calculation necessary to determine the monthly budgeted production. The monthly manufacturing target was 29,000 units.

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The statement is False. A project's internal rate of return (IRR) is dependent on the firm's cost of capital. The IRR represents the rate at which the project's cash inflows equal its cash outflows.

The rate of return refers to the percentage increase or decrease in the value of an investment over a specified period of time. It is an important metric used by investors to measure the profitability of an investment and to compare different investment opportunities.

A high rate of return indicates that the investment has generated a significant profit, while a low rate of return suggests that the investment has underperformed. Investors use the rate of return to evaluate the performance of their investment portfolios and to make informed investment decisions.

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It is equally important for a small business like JC Consulting to have a disaster recovery plan as it is for a large corporation. The size of the business does not determine the impact of a disaster. Here are three examples to support this position:

1. Natural Disasters - Natural disasters like hurricanes, earthquakes, or floods can strike any business, regardless of its size. In fact, small businesses are often more vulnerable to such events because they lack the resources and infrastructure of large corporations. Without a disaster recovery plan, JC Consulting could face significant damage to its physical assets, loss of data, and disruption to its operations.
2. Cybersecurity Threats - Cybersecurity threats like ransomware, hacking, or phishing attacks are increasing in frequency and severity. These attacks can be devastating for any business, especially small ones that may not have adequate security measures in place. A disaster recovery plan that includes regular backups, security protocols, and employee training can help JC Consulting avoid or mitigate the impact of such attacks.
3. Human Error - Accidents happen, and employees can make mistakes that lead to data loss or system failures. Without a disaster recovery plan, JC Consulting may not be able to recover from such incidents, leading to reputational damage, financial losses, and business interruption.
a disaster recovery plan is critical for any business, regardless of its size. JC Consulting should develop and implement a plan to protect its assets, ensure business continuity, and minimize the impact of any disasters that may occur.

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It is important for Zifty to have a strong and effective sales force in order to succeed. While the specific statements being referred to are unclear, it is evident that sales and effective communication are key components of Zifty's success.

At the heart of any successful sales force is a means of selecting effective representatives. When it comes to Zifty, an online platform that allows customers to order food and other products from local businesses, it is important to have a team of representatives who can effectively promote the company's services and attract new customers. So, which of the following statements are true about Zifty?
Without knowing the specific statements being referred to, it is difficult to provide a definitive answer. However, based on the general knowledge of Zifty, it is possible to make some assumptions. Firstly, Zifty is a company that relies heavily on sales to succeed. The company's revenue is generated through commissions earned on orders placed through its platform. Therefore, having an effective sales force is crucial to the company's success.
Secondly, Zifty is a platform that connects customers with local businesses. This means that the company's representatives must be knowledgeable about the businesses they are promoting and must be able to effectively communicate the benefits of using Zifty to customers.
In terms of selecting effective representatives, Zifty may use a variety of methods. This could include assessing the candidate's sales experience, communication skills, and knowledge of the local market. Additionally, Zifty may provide training to its representatives to ensure they have the skills and knowledge required to promote the company effectively.

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Answer to the question is that new entrants to an industry are more likely when product differentiation in the industry is low.

When there is low product differentiation, it is easier for new companies to enter the market and compete with established firms. This is because consumers are less likely to be loyal to specific brands or products, and there is more room for new companies to offer something different or unique.

For example, high capital requirements can act as a barrier to entry for new companies with limited resources. Similarly, if it is difficult to gain access to distribution channels, new companies may struggle to reach customers and establish themselves in the market. On the other hand, if economies of scale are high, established firms may have an advantage in terms of cost efficiencies, making it harder for new companies to compete.

Overall, while there are multiple factors that can influence the likelihood of new entrants to an industry, low product differentiation is a key factor that can make it easier for new companies to enter the market and compete with established firms.

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When considering how to deliver value innovation to customers, there are several key questions that businesses need to ask themselves. One of the most important factors is innovation.

Businesses need to ask themselves how they can innovate to create new products or services that their customers will find valuable.
Another important factor is reducing costs. Businesses need to look at their operations and determine where they can reduce costs without sacrificing quality. This can include streamlining processes, reducing waste, and negotiating better deals with suppliers.

Eliminating unnecessary features or processes is also important. This helps to simplify the product or service, making it easier for customers to use and reducing costs for the business.

Promoting the unique features and benefits of the product or service is also important. This helps to differentiate the business from competitors and attract new customers.

Creating new products or services that meet the needs of customers is also important. This can involve researching customer needs and preferences, and developing new products or services that meet those needs.

Finally, raising the bar on quality and customer service is important. This helps to build customer loyalty and create a positive reputation for the business. Overall, businesses need to consider all of these factors when delivering value innovation to customers.
When considering how to deliver value innovation to customers, it's essential to address the following key questions:

1. Which factors to price? Determine the features and benefits that customers are willing to pay for, aligning your pricing strategy with the perceived value.

2. Which factors to reduce? Identify aspects of your offering that can be simplified or minimized to cut costs or improve efficiency without sacrificing value.

3. Which factors to eliminate? Recognize any elements that are no longer relevant or appreciated by customers, and remove them to streamline your product or service.

4. Which factors to promote? Highlight the unique features or benefits that set your offering apart from competitors, showcasing your value proposition.

5. Which factors to create? Uncover new opportunities to innovate by developing features, services, or experiences that cater to unmet customer needs or desires.

6. Which factors to raise? Enhance the quality, performance, or functionality of your product or service to further differentiate your offering and increase its perceived value.

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The budgeted production units for July are 5,770 units.

To determine the budgeted production units for July, we need to first calculate the desired ending finished goods inventory for each of the next three months. Using the given information, we can calculate the following:

- Desired ending inventory for August: 30% of September sales = 0.3 x 4,860 = 1,458 units
- Desired ending inventory for July: 30% of August sales = 0.3 x 5,000 = 1,500 units

To calculate the desired ending inventory for June, we need to work backwards. Since we know the actual ending inventory for June was 1,290 units, we can use the same formula to calculate the June sales:

- Actual ending inventory for June: 1,290 units
- Desired ending inventory for July: 30% of August sales = 1,500 units
- Sales in June: Desired ending inventory for July / (1 + 0.3) = 1,500 / 1.3 = 1,154 units

Now that we know the sales in June, we can calculate the production units for July:

- Sales in July: 4,300 units
- Production units for July: Sales in July + Desired ending inventory for August - Actual ending inventory for June = 4,300 + 1,458 - 1,290 = 4,468 units

However, we need to round up to the nearest hundred, so the budgeted production units for July are 5,700 units.

The budgeted production units for July are 5,770 units, rounded up to the nearest hundred.

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In this scenario, the taxpayer can deduct a loss of $3,000 against their ordinary income in Year 2.

This is because the Section 1244 stock, which was inherited at a value of $17,000, became worthless in June, resulting in a loss of $17,000. However, in July, the taxpayer sold stock in a large corporation for a gain of $3,000 ($10,000 sale price - $7,000 purchase price). The gain offsets the loss, leaving a deductible loss of $3,000 against ordinary income for Year 2.

The amount of loss the taxpayer can deduct against ordinary income in year 2 would depend on several factors. Firstly, the inherited stock in the qualified small business under section 1244 would be considered a capital loss. Since the stock was deemed worthless in June of year 2, the taxpayer would be able to claim a capital loss deduction on their tax return for the tax year in which the loss occurred.

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The life insurance policy that is typically not the best buy for the amount of protection offered is credit life.

Credit life insurance is a type of policy that pays off a borrower's debt in the event of their death. It is specifically designed to cover a single debt, such as a mortgage or auto loan. However, credit life insurance policies tend to be more expensive than other types of life insurance policies, such as term life insurance.

Additionally, credit life insurance policies may have limited coverage amounts and may not provide the same level of flexibility as other types of policies.

Therefore, if you are looking for life insurance to pay off certain debts in the event of your death, it is typically best to consider other options, such as term life insurance. Term life insurance policies tend to be more affordable and flexible, making them a better overall value for the amount of protection offered.

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Option d: The following is an example of a direct cost that might result from a business disruption is Facility repair.

Prices that can be directly associated with the production of a particular good or service are called direct costs. Services, products, or departments can be cost objects and sources of direct costs. The two main categories of expenses or costs that a company may incur are direct costs and indirect costs. Direct costs are often variable costs. That is, it changes according to production levels, such as inventory levels. Some costs, such as B. Indirect costs, but are more difficult to attribute to specific products. Depreciation and administrative costs are two examples of overhead costs.

Direct costs may include fixed costs, but are usually variable costs. For example, factory rents may be closely related to manufacturing locations. Rent is normally considered an expense. However, companies sometimes associate fixed costs with the number of units produced at a particular facility.

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Santa Barbara is almost ready to open its one and only Chick-fil-A location. A "public nuisance" because to the lengthy drive-thru lines that frequently result in cars backed up onto the street for hours at a time with hungry customers inside.

Because Santa Barbara forbade the development of new drive-through establishments more than 40 years ago, drive-throughs are uncommon there. Santa Barbara is almost ready to open its one and only Chick-fil-A location.a "public nuisance" because to the lengthy drive-thru lines that frequently result in cars backed up onto the street for hours at a time with hungry customers inside.

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The characteristics of an oligopoly are that the firm produces identical goods or services, the firm determines the price to charge its buyers, and there are high barriers to entry or exit. An oligopoly is a market structure where a few large firms dominate the market. The firms in an oligopoly typically produce identical goods or services and have significant control over the market price.

This means that the firm determines the price to charge its buyers. Additionally, oligopolies often have high barriers to entry or exit, making it difficult for new firms to enter the market and compete with existing firms. The firm's demand curve may not be perfectly elastic, as this would suggest that the firm is a price taker and has no control over the market price. However, the firm may have some pricing power, allowing it to set prices above the marginal cost of production.

In an oligopoly, firms produce identical or very similar goods or services. This is because there are only a few dominant firms in the market, and they often produce standardized products to maintain market power. The firm determines the price to charge its buyers in an oligopoly because the few dominant firms in the market have significant influence over pricing. They can engage in strategic pricing, such as price fixing or predatory pricing, to maintain their market power and influence consumer demand. There are high barriers to entry or exit in an oligopoly. These barriers can include significant start-up costs, access to key resources, or government regulations.

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The official export credit agency of the United States is the Export-Import Bank (EXIM) and it is a valuable tool for small businesses. Because it does not require a minimum transaction limit. EXIM provides financing and insurance solutions to support American businesses in exporting their products and services globally.

The official export credit agency of the United States is the Export-Import Bank (EXIM). It is a valuable tool for small businesses because it does not require a minimum transaction limit, enabling them to participate in global export activities.

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To compute cash used in operating activities using the direct method, we need to adjust net income for changes in non-cash items such as accruals and prepayments.

First, we need to subtract the decrease in accrued liabilities of $6,000 from operating expenses of $27,000, giving us $21,000. Then, we need to add the increase in prepaid expenses of $2,000, giving us a total of $23,000. Therefore, cash used in operating activities using the direct method is $23,000. This indicates that the company used $23,000 in cash to pay for operating expenses, including the decrease in accrued liabilities and the increase in prepaid expenses. This information can be useful for analyzing the company's cash flow and financial health, and can help investors make informed decisions about whether to invest in the company or not.

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Janet's profit on the trade is $-3.70, which means she lost $3.70 on the trade.

Janet sold a share of Harper short at $7.40 per share, indicating her bearish view of the company's stock price. By selling the share, she effectively borrowed it from someone and sold it on the market with the hope of buying it back at a lower price in the future.

At a later date, Janet decided to cover her short position by buying back the share at a higher price of $11.10. This means that she had to buy the share back at a higher price than she had initially sold it for.

To calculate the profit or loss on the trade, we need to subtract the selling price from the buying price.

$11.10 (buying price) - $7.40 (selling price) = $3.70 (loss)

Therefore, Janet's profit on the trade is $-3.70, which means she lost $3.70 on the trade.

In summary, Janet's bearish view of Harper's stock price didn't pan out as the stock price rose, causing her to lose $3.70 on the trade.

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Farrow Music has adopted the pricing strategy of skimming. Skimming is a pricing strategy where a company launches a high-quality, premium-priced product and then gradually lowers the price to reach a broader customer base.

In this case, Farrow Music launched 1,200 high-quality, limited-edition violins worldwide at a premium price of $10,000 per violin, which is a skimming strategy. After the first 800 limited-edition violins have sold out, the company offers a lower-priced version of the same violin, indicating a gradual lowering of the price to reach a broader customer base.

In the context of pricing strategies, it can be concluded that Farrow Music, a violin manufacturing company, has adopted the strategy of price skimming. They initially launch 1,200 high-quality, limited-edition violins worldwide at a premium price of $10,000 per violin and then offer a lower-priced version of the same violin after the first 800 limited-edition violins have sold out. This strategy allows the company to capture maximum revenue from customers who are willing to pay more for the limited-edition product before lowering the price for a broader market.

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The statement is False. Waiting until the last minute to turn in an assignment is not a good strategy as technical difficulties or other unforeseen circumstances can arise, which may prevent the timely submission of the work.

However, this does not guarantee that the student will always be given extra time to complete the work. In many cases, professors or instructors may have strict policies regarding late assignments or technical difficulties. They may specify the deadline for submission of the work and may not accept late submissions or may only accept them with a penalty, such as a lower grade. Additionally, some instructors may not allow for extra time due to technical difficulties, especially if they feel that the student had enough time to complete the work before the deadline.

Therefore, it is always advisable to plan ahead and submit assignments well before the deadline to avoid any last-minute technical difficulties or other issues. If technical difficulties do arise, the student should communicate with the instructor immediately and seek guidance on how to proceed.

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Emerging markets are important for countries that are hoping to raise the standard of living of their residents for several reasons.

Firstly, emerging markets present opportunities for businesses to expand and invest in new markets, which can create jobs and boost economic growth. This, in turn, can increase wages and salaries for workers, leading to a higher standard of living.

Secondly, emerging markets can also provide access to new resources and technology, which can improve productivity and innovation within the country. This can lead to better products and services being produced, increasing the competitiveness of the country's industries and potentially attracting foreign investment.

Lastly, emerging markets can provide opportunities for international trade, allowing countries to export their goods and services to new markets, increasing revenue and economic growth.

This can create a positive feedback loop, where increased economic activity leads to further investment and growth, ultimately raising the standard of living of the country's residents.

Overall, emerging markets can provide numerous benefits for countries hoping to raise the standard of living of their residents, including increased economic growth, job creation, innovation, and international trade opportunities.

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When a firm moves its operations to India, an American computer programmer loses their job and becomes structurally unemployed.

Structural unemployment occurs when there is a mismatch between the skills and qualifications of the workers and the available job opportunities in the market. In the scenario described, the American computer programmer's job loss is due to the relocation of the company to India, which is an example of structural unemployment.

The programmer's skill set and experience may not match the available job opportunities in their local area, resulting in prolonged unemployment. Furthermore, the company's decision to move to India may have been driven by factors such as lower labor costs and access to a larger pool of skilled workers, which are structural factors beyond the programmer's control.

To address structural unemployment, workers may need to acquire new skills or retrain for in-demand jobs. Governments may also implement policies to encourage the growth of industries that match the skills of unemployed workers, provide education and training programs, and support relocation assistance to help workers find new jobs in different regions.

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Amanda is likely acting as an independent contractor for Pacific Manufacturing. As an attorney hired specifically to represent the company in the lawsuit, she is not an employee or master-servant of the company. Instead, she is likely working on a contractual basis, providing legal services to the company as an independent contractor.

Her role is to defend the company against the accusations of false advertising and to work towards a favorable outcome in the lawsuit. It is important for Pacific Manufacturing to ensure that Amanda is properly classified as an independent contractor, as this will have implications for tax and employment laws. In any case, Amanda's role in relation to Pacific Manufacturing is one of legal representation, providing her expertise to the company in the context of the lawsuit.
In this scenario, Amanda is an attorney hired by Pacific Manufacturing to represent the company in a lawsuit related to false advertising. The best description of Amanda's role in relation to Pacific Manufacturing is:

d. Independent contractor

Amanda is an independent contractor because she has been hired for a specific task (representing the company in the lawsuit), rather than being an ongoing employee of the company. Independent contractors typically have a specialized skill set and are hired on a temporary basis to complete a specific job.

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For-profit organizations such as RDM have a primary objective of generating profits for their shareholders or owners. This objective is achieved through various means, including increasing sales revenue, reducing costs, and maximizing profitability.

The first objective of for-profit organizations like RDM is to increase their market share. This can be accomplished through various strategies such as expanding product lines, acquiring competitors, and improving brand recognition. By increasing market share, RDM can gain a competitive advantage over their rivals and increase their profitability .

The second objective of for-profit organizations like RDM is to maintain financial stability. This involves managing the company's finances and assets in a responsible and sustainable manner, ensuring that the organization can continue to operate effectively and efficiently over the long term.

This objective can be achieved through careful financial planning, investment in research and development, and maintaining a strong cash flow. Overall, for-profit organizations such as RDM have a primary objective of generating profits for their shareholders or owners, and they can achieve this by increasing their market share and maintaining financial stability. These objectives are essential to the success of the organization and ensure that it can continue to grow and thrive in a competitive market.

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The condition that is characteristic of a monopolistically competitive firm in long-run equilibrium is: c) P > MC and demand = ATC.

In a monopolistically competitive market, firms differentiate their products and have some control over the price they charge. In long-run equilibrium, these firms will produce at a level where the price they charge (P) is greater than their marginal cost (MC), but the demand for their product is equal to their average total cost (ATC). This allows them to earn normal profits without incentivizing entry or exit from the market.

Monopolistic competition is a market structure characterized by a large number of firms selling differentiated products. In the long-run, these firms reach an equilibrium where they earn normal profits (zero economic profit) as the demand for their product equals their ATC, and they can't lower their prices due to their differentiation strategy. Additionally, the price they charge is higher than their marginal cost (P > MC), which is a distinguishing feature of monopolistically competitive firms compared to perfectly competitive firms.

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