Being the First to Sell a Particular Good Can Give

question 44

Multiple Choice

Being the first to sell a particular good can give a firm advantages over other firms that sell similar products.What is the name given to these advantages?

• A)first-mover
• B)first come, first served
• C)follow the leader
• D)first to market

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Definitions:

Marginal Cost

The extra financial burden of manufacturing an additional unit of a product or service.

Price Takers

Firms or individuals who accept the market price as given and have no power to influence that price due to the competitive nature of the market.

Marginal Revenue

The additional income received from selling one more unit of a product or service.

Marginal Cost

The cost added by producing one additional unit of a product or service, a concept used in economics and financial management to analyze and make decisions.