______ is an economic term used to describe a situation where a firm's assets are highly specialized and, therefore, cannot easily be sold to other buyers in another industry.

Question

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Asset specificity refers to the degree to which a firm's assets are specialized and can only be used in a particular industry or by a particular buyer. This can create difficulties in selling these assets, as it limits the potential market for them.

______ Is an Economic Term Used to Describe a Situation