Anything That a Firm Does Especially Well Compared to Rival

question 31

Multiple Choice

Anything that a firm does especially well compared to rival firms is referred to as

• A) competitive advantage.
• B) comparative disadvantage.
• C) opportunity cost.
• D) unsustainable advantage.
• E) an external opportunity.

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Definitions:

Damages

Compensation claimed by or ordered to be paid to a person for loss or injury.

Penalties

Sanctions or punishments imposed for breaking a law, rule, or contract, which may include fines, imprisonment, or other forms of retribution.

Accountant-client Relationship

A professional connection between an accountant and their client, based on trust and confidentiality, to manage financial records and tax matters.

Negligence

The failure to exercise the care that a reasonably prudent person would exercise in similar circumstances, leading to harm or damage.