29 Firm X and Firm Y are competitors within the same industry. Firm X produces its product using large amounts of direct labor. Firm Y has replaced direct labor with investment in machinery. Projected sales for both firms are 15% LESS than in the prior year. Which statement regarding projected profits is TRUE? Answer Firm X will lose more profit than Firm Y Firm Y will lose more profit than Firm X Firm X and Firm Y will lose the same amount of profit. Neither Firm X nor Firm Y will lose profit