Please answer 5 and 6 only Choose the letter of the best answer. Write the answer on a separate sheet of paper.1.These are individuals/group of individuals who buy goods and services for personal andbusiness use.GovernmentSuppliersа.ConsumerС.b.Creditorsd.2.The capability of a company to produce or increase output when resources are added iscalledProfitabilityScalability3.Business is a legal entity that is separate and distinct from owner.AutonomyDurabilityc.d.а.b.à.AutonomyDurabilityProfitabilityScalabilityС.b.d.4.Ford and Toyota sells the same products; it evident that there is aа.Competitionc.Allianceb.Distributiond. Threats5.Competitive advantages can also be gained by business that seeks association orcooperation with other business:AllianceDefensive strategyDifferentiationа.C.b.Cost leadershipd.6.Individual or firms who desire products and services in the market for consumption orbusiness.а.Consumersс.Governmentb.Creditorsd.Supplier7.Which does not belong to the group?ColgateClose-Upа.C.d.A strategy that businesses use to distinguish themselves apart from their competitors.b.Head and ShouldersНарее8.Defensive StrategyCost Leadershipa.DifferentiationC.b.Allianced.9. This method occurs when a business is able to offer the same quality product as itscompetitors and sell it at a lower price.Defensive StrategyCost Leadershipа.DifferentiationC.b.Allian ced.10. The advantage gained by this type of strategy is that it allows the business to furtherdistance itself by using defensive method.

Competitive advantage: It refers to that advantage which one country will get when it produces goods…

Answered: 5.Competitive advantages can also be…

5.Competitive advantages can also be gained by business that seeks association or cooperation with other business: Defensive strategy Differentiation а. Alliance C. b. Cost leadership d.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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