When a Firm Is Able to Create More Economic Value

question 38

Multiple Choice

When a firm is able to create more economic value than rival firms it is said to have a(n)

• A) comparative advantage.
• B) competitive advantage.
• C) residual advantage.
• D) economic advantage.

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Definitions:

Nicholas of Verdun

A notable goldsmith and enameler from the Middle Ages, celebrated for his intricate work in creating religious art pieces in the 12th century.

Cologne Cathedral

A Gothic architectural masterpiece located in Cologne, Germany, known for its towering spires and as a monument of Christian faith and German Catholicism.

Rose Window

A circular window, often found in Gothic churches, adorned with stained glass and intricate tracery, symbolizing the Virgin Mary or divine light.

Oculus

Latin, “eye.” The round central opening of a dome. Also, a small round window in a Gothic cathedral.