For a resource to be able to generate sustained competitive advantage over rivals, it must be
a. Valuable
b. Rare
c. Difficult to imitate or substitute away from
d. All of the above
d
Economics
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The entry of new firms into a monopolistically competitive industry will cause the long-run equilibrium price to rise
a. True b. False Indicate whether the statement is true or false
Economics
Consider a market for fish whose market demand and market supply for fish are specified as Qd = 300 ? 2.5P and Qs = ? 20 + 1.5P, respectively. The government decides to impose a price ceiling of $50 per ton. The possible black market price after the ceiling is:
A. $40. B. $140. C. $80. D. $110.
Economics