One Advantage of ______________ Is Being Able to Set the Industry

question 201

Multiple Choice

One advantage of ______________ is being able to set the industry standard.

• A)being established
• B)legal barriers
• C)economies of scale
• D)None of the choices are correct.

---

Definitions:

Competitive Advantage

Refers to a situation or factor that gives a business an advantageous or dominant position over its rivals in the market.

Durable Products

Goods that are intended to last for a significant period of time without deteriorating quickly.

Sophisticated

Characterized by a high level of complexity, refinement, or development, often resulting from extensive experience or knowledge.

Product Innovation

The process of creating new products or significantly improving existing ones, often to meet new customer needs or market demands.