Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
What is competitive advantage?
What is competitive advantage?
- When a firm has a larger workforce than its competitors.
- When a firm has a larger market share than its competitors.
- When a firm obtains a larger gap between average costs and willingness to pay than its competitors. (correct)
- When a firm has more revenue than its competitors.
What are the requirements for a firm to achieve competitive advantage?
What are the requirements for a firm to achieve competitive advantage?
- Having more revenue than its competitors and leveraging elements related to a key factor of success in the market.
- Having a larger market share than its competitors and leveraging elements related to a key factor of success in the market.
- Having a larger workforce than its competitors and being sustainable in the face of changes in the environment and competitors’ movements.
- Leveraging elements related to a key factor of success in the market and being sustainable in the face of changes in the environment and competitors’ movements. (correct)
What are the different forms of (dis) advantage?
What are the different forms of (dis) advantage?
- Sustained C.A, Temporal C.A, Competitive advantage, Short-term disadvantage, Long-term disadvantage.
- Sustained C.A, Temporal disadvantage, Competitive parity, Short-term disadvantage, Sustained disadvantage.
- Sustained C.A, Temporal C.A, Competitive parity, Temporal disadvantage, Sustained disadvantage. (correct)
- Sustained C.A, Temporal C.A, Competitive parity, Short-term disadvantage, Long-term disadvantage.
