Question

A competitive environment where there is strong rivalry among sellers, low entry barriers, strong competition from substitute products, and considerable bargaining leverage on the part of both suppliers and customers a. is competitively unattractive from the standpoint of earning good profits. b. offers little ability to build a sustainable competitive advantage. c. is highly conducive to achieving strong product differentiation and high customer loyalty to the company's brand. d. offers moderate to good prospects for making a reasonable profit and building a sustainable competitive advantage. e. requires that industry members have a strongly differentiated product offering in order to be profitable.

Answer 1

The competitive environment described is competitively unattractive from the standpoint of earning good profits.

What is a perfect competition?

A perfect competition is characterized by many buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.  In the long run, firms earn zero economic profit.

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