For a Business to Be Successful, a Competitive Advantage Must

question 19

Multiple Choice

For a business to be successful, a competitive advantage must be ________.

• A) Sustainable
• B) Profitable
• C) Legal
• D) Expensive
• E) Clever

---

Definitions:

Value Added

The increase in the value of a product or service as a result of a particular process, typically measured as the difference between the cost of inputs and the price it's sold for.

Profit-Maximizing

A strategy or point whereby a firm selects the output level at which its profits are at their highest.

Marginal Product

The additional output resulting from the use of one more unit of a production factor.

Factor Of Production

An economic term describing the inputs used in the production of goods or services to earn an income, namely labor, capital, land, and entrepreneurship.