Briefly explain what it means for a firm to have cost advantage over its competitors
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Briefly explain what it means for a firm to have cost advantage over its competitors

PART C

11.

a. Briefly explain what it means for a firm to have cost advantage over its competitors, and what are the economic conditions conducive to it.

b. How can cost advantage be used as a barrier to entry?

Hint
EconomicsA company has a cost advantage when it can produce a product or provide a service at a lower cost than its competitors. Companies with this advantage produce in higher quantities and benefit from one or more of the following elements: Access to low-cost raw materials. Efficient processes and technologies. Competitive advantages are attributed to a variety of factors including cost structu...
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