Under the Resource-Based View of a Business Firm,a Firm's Resources

question 42

True/False

Under the resource-based view of a business firm,a firm's resources can be a source of sustained competitive advantage if they are valuable,rare,and perfectly imitable by competitors.

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Definitions:

Large Firms

Companies that are significantly larger than the average for their industry, often having considerable influence over market conditions and prices.

Demand Curve

A graphical representation that shows the inverse relationship between the price of a good or service and the quantity demanded by consumers.

Perfect Competitor

An entity in a highly competitive market where firms sell homogeneous products, have no control over market price, and where there is free entry and exit of firms.

Elastic Demand Curve

Represents a situation where the quantity demanded of a good or service significantly changes in response to a change in price.