What factors lead to competitive advantage for a firm?
What will be an ideal response?
Cost leadership (lower costs than competing firms), product differentiation, selection and focus on a market niche, outsourcing and merger strategies, and international focus or expansion are factors in the competitive advantage of the firm.
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The above figure shows the marginal social benefit, marginal private cost and marginal social cost of producing steel. If the market is competitive and unregulated, how much steel will be produced?
A) 0 tons B) 2 tons C) 4 tons D) 8 tons
The economy is at full employment when the actual rate of unemployment equals the
a. labor force minus the number of discouraged workers b. rate of frictionally unemployed plus the rate of structurally unemployed workers c. rate of cyclically unemployed plus the rate of structurally unemployed workers d. natural rate of unemployment minus the rate of cyclically unemployed workers e. rate of discouraged workers plus the rate of underemployed workers