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All else constant, as the price of petroleum increases relative to the prices of other inputs to the production process, in their effort to minimize their total costs of production, we can expect to see firms employ:
1. less of each of the inputs of production
2. the same amount of petroleum since there are no substitutes for petroleum
3. less petroleum and more of the other inputs to production
4. more petroleum and less of the other inputs to production
Just-in-Time (JIT) Please respond to the following- • Develop three examples that illustrate how a manufacturing company of your choice uses JIT, and then determine three to fou
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