For competitive advantage to exist, a firm must operate in a market of "pure and perfect competition", as described by economists

Name: For competitive advantage to exist, a firm must operate in a market of "pure and perfect competition", as described by economists
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Competitive advantage can still be achieved in markets that are not purely or perfectly competitive. In fact, firms often strive to differentiate themselves in order to gain a competitive advantage in markets with imperfect competition.

For Competitive Advantage to Exist, a Firm Must Operate in a Market