To Be Considered Strategic Resources That Contribute Competitive Advantage,they Must

question 66

Multiple Choice

To be considered strategic resources that contribute competitive advantage,they must have several characteristics.Which of the following is not one of these?

• A) rare
• B) valuable
• C) inexpensive to imitate
• D) costly to substitute

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Definitions:

Substitution Effect

The change in consumption patterns due to a shift in relative prices that makes one product more economically attractive than another.

Output Effect

The output effect refers to the impact changes in production volume have on a company's total costs and profitability.

Substitute Resource

A resource that can be used in place of another in production processes, often influencing supply and price levels.

Marginal Revenue Product

The additional revenue generated from employing one more unit of a resource, such as labor or capital.