To Gain ________ Firms Need to Provide Unique Products and Services

question 41

Multiple Choice

To gain ________ firms need to provide unique products and services.

• A) a bank loan
• B) governmental legitimacy
• C) a sustainable competitive advantage
• D) competitors
• E) export orders

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Definitions:

Value Added

The increase in the value of a product or service as it passes through each stage of production or supply chain.

Marginal Productivity

The extra output or benefit gained from increasing one unit of a particular resource while keeping other resources constant.

Income Distribution

The way in which total income is divided among individuals or households in an economy.

Labor

The human effort, both physical and mental, used in the production of goods and services.