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Discuss a firm's competitive advantage. Identify when a firm has a competitive advantage and distinguish between a temporary competitive advantage and a sustainable competitive advantage.
Variable Utilities Cost
The portion of utility expenses that varies with the level of business activity or production volume.
High-Low Method
A technique in cost accounting to estimate fixed and variable costs based on the highest and lowest levels of activity.
Cost-Volume-Profit Analysis
An accounting method used to estimate how changes in costs, sales volume, and price affect a company's profit.
Contribution Margin Ratio
A financial metric calculating the difference between a product's price and variable costs as a percentage of the product's price.
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