According to Michael Porter,conditions That Create Advantages for Firms in Certain

question 21

Multiple Choice

According to Michael Porter,conditions that create advantages for firms in certain countries and industries include:

• A)Suppliers to a particular industry are the very best in the world
• B)Strong industry competition
• C)Buyers are among the most demanding in the world
• D)Ability to attract the most talented managers
• E)All of the above

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Definitions:

Expected Profit

The anticipated financial gain from a business venture or investment, considering both potential risks and rewards.

Current Cost

The cost of purchasing an asset or service at the present time, considering the most recent market values.

Extraction Costs

The expenses associated with removing natural resources or raw materials from the earth, which can include labor, equipment, and regulatory compliance costs.

Market Price

Market price is the current price at which a good or service can be bought or sold in an open market.