As a Result of the Economic Profit Earned by the First

question 53

Multiple Choice

As a result of the economic profit earned by the first video rental outlets,

• A)existing firms were able to successfully lobby the government for patent protection
• B)competitors were attracted to the industry, and their entry reduced economic profit
• C)demand dried up
• D)Blockbuster saw an opportunity to take over the industry
• E)competitors were discouraged from entering the industry

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Definitions:

Pyramid

A geometric structure with a square or triangular base and sloping sides that meet at an apex, or more broadly, a system or organization structured in hierarchical layers.

Competitive Advantage

Competitive advantage refers to the attributes or conditions that allow a company or country to produce a good or service at a lower price or in a more desirable fashion for customers than competitors.

Core Ideas

Fundamental concepts or beliefs that are central to understanding a particular topic or driven the development of a project, theory, or system.

Strategic Planning

Strategic planning is the process of defining a strategy or direction and making decisions on allocating resources to pursue this strategy, including capital and people, to reach identified goals.