Explain due to a growing us economy to overall market demand

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Reference no: EM1359254

You are the manager of a small US firm that sells nails in a competitive US mkt (the nails you sell are a standardized commodity; stores view your nails as identical to those available from hundreds of other firms). You are concerned about two events you recently learned about through trade publications:

a. The overall market supply of nails will decrease by 2 % due to exit by foreign competitors

b. Explain due to a growing US economy, the overall market demand for nails will increase by 2%. Based on this information, should you plan to increase or decrease your production of nails?

Reference no: EM1359254

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