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Greater degree of input substitutability

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The story about production at Steinway is very similar to that of the C. F. Martin Company, makers of some of the world's finest acoustic guitars. The production of Martin guitars is also characterized by the use of highly skilled labor, limited substitutability between capital and labor, and use of very old machines to perform certain tasks. Why do you suppose that this limited substitutability occurs in the musical instrument industry, when other industries, such as the automobile industry, are characterized by a much greater degree of input substitutability?

Reference no: EM132414988

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