Firms Maintain Their Completive Edge By​

question 63

Multiple Choice

Firms maintain their completive edge by​

• A)​Providing a good at lower costs than their rivals
• B)Providing a superior product at the same cost as your rival
• C)Being innovative
• D)​All the above

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Definitions:

Units of Utility

A measure of satisfaction or pleasure that a consumer receives from consuming a product or service.

Utility

In economics, a measure of satisfaction or happiness that a consumer derives from the consumption of goods and services.

Satisfaction

The fulfillment of one's needs or the pleasure derived from consuming goods or services.

Consuming It

Pertains to the act of using up resources or products to satisfy needs or desires.