In Porter's Five Competitive Forces model, competition from substitute goods or services refers to
A) substitute products that come from outside the industry.
B) substitute products that come from foreign competitors in the same industry.
C) substitute products that come from domestic competitors in the same industry.
D) competition from producers of substitutes who outsource their production.
Question 2
What is allocative efficiency?
A) It refers to a situation in which resources are allocated such that the last unit of output produced provides a marginal benefit to consumers equal to the marginal cost of producing it.
B) It refers to a situation in which resources are allocated to their highest profit use.
C) It refers to a situation in which resources are allocated such that goods can be produced at their lowest possible average cost.
D) It refers to a situation in which resources are allocated fairly to all consumers in a society.
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