In the 1980s, Howard was one of the best car phone repairmen in his area. After staying home in the 1990s and early 2000s to take care of his children, Howard wants to go back to work in the phone repair business. Which of the following can be said about Howard?
A. Because car phones are obsolete, Howard's human capital is less valuable.
B. Howard's knowledge of how to repair car phones is obsolete, and his human capital is less valuable now than in 1980.
C. Howard's ability to repair car phones represents an obsolete skill.
D. All of these could be said about Howard.
D. All of these could be said about Howard.
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Wal-Mart created a competitive advantage with its inventory system to reduce the ratio of cost of goods sold to sales, expecting:
a. to enjoy huge economic profits forever. b. that its rivals will never imitate their strategy and it will continue to enjoy positive economic profits. c. that its rivals will immediately do the same thing and it will end up earning zero profits. d. to enjoy economic profits for a few years before its rivals caught up. e. that it will at least be able to cover its fixed costs.
Without product differentiation, it would be very difficult for firms to develop brand loyalty
Indicate whether the statement is true or false