The best strategy for a competitive firm is to:

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Lowering costs allows for the firm to price their product more competitively and potentially gain a larger market share. This strategy also allows for the firm to potentially offer lower prices without sacrificing quality, further enhancing their competitiveness. While advertising and enhancing product characteristics can be beneficial, they may not necessarily result in a competitive advantage if other firms are also implementing these strategies. Finding a niche can be a successful strategy, but it may not work for all firms and can limit market size.

The Best Strategy for a Competitive Firm Is To