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Discuss how a cost leadership strategy can allow a firm to earn above-average returns in spite of strong competitive forces. Address each of the five competitive forces.
Resource Scarcity
The limited availability of natural resources, leading to constraints on production, consumption, and the ability to meet human needs and desires.
Opportunity Costs
The loss incurred by dismissing the subsequent preferable option in the course of decision-making or selecting one possibility over another.
Equilibrium
Equilibrium is a state in economics where market supply and demand balance each other, and as a result, prices become stable.
Specialize
To focus on a particular area of knowledge, activity, or service, developing expertise in that specific field.
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