The Chief Disadvantage of Being a First Mover Is The

question 103

Multiple Choice

The chief disadvantage of being a first mover is the:

• A) high degree of risk.
• B) high level of competition in the new marketplace.
• C) inability to earn above-average returns unless the production process is very efficient.
• D) difficulty of obtaining new customers.

---

Definitions:

Wilmot Proviso

A proposed, but never enacted, amendment in 1846 that aimed to prohibit slavery in any territory acquired from Mexico, intensifying the pre-Civil War debates over slavery.

Missouri Compromise

Deal proposed by Kentucky senator Henry Clay in 1820 to resolve the slave/free imbalance in Congress that would result from Missouri’s admission as a slave state; Maine’s admission as a free state offset Missouri, and slavery was prohibited in the remainder of the Louisiana Territory north of the southern border of Missouri.

Railway System

A network of tracks on which trains run, serving as a critical infrastructure for the transport of passengers and goods over land, significantly contributing to economic development and urbanization.

American Economy

The economic system of the United States, characterized by a mixed economy that includes private freedom combined with centralized economic planning and government regulation.