Anything that a firm does especially well compared to rival firms is referred to as
A) competitive advantage.
B) comparative advantage.
C) opportunity cost.
D) sustainable advantage.
E) an external opportunity.

Question

Quizplus · Accepted Answer

The term "competitive advantage" specifically refers to a firm's ability to perform a certain activity or set of activities better than its competitors, leading to superior performance in the market. Comparative advantage refers to a country's ability to produce a particular good at a lower opportunity cost than its trading partners. Opportunity cost is the cost of choosing one option over another, often in terms of giving up the next best alternative. Sustainable advantage refers to a competitive advantage that a firm can maintain over time. An external opportunity refers to a favorable circumstance or event outside of the firm that could lead to potential growth or success.

Anything That a Firm Does Especially Well Compared to Rival