Question

The critical ways that firms can obtain a sustainable competitive advantage are/is called the _____ for that industry.

Answer 1

The critical ways that firms can obtain a sustainable competitive advantage are/is called the barriers to entry for that industry.

What is competitive advantage?

Competitive advantages refers to those economic variables, which place a company above its competitors whereas it is produces similar goods at a cheaper rate, compared to its rival.

It is the ability of a company to produce goods more efficiently than its competitors, which leads to greater profit margins.

Examples of competitive advantage are:

1. Access to natural resources that are restricted from competitors.
2. Highly skilled labor.
3. Unique geographic location.

Learn more about competitive advantage here: https://brainly.com/question/26514848

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