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Achieved when a firm can produce a superior product and/or bring product to market at a lower price than most, or all, of competitors
Firms achieve competitive advantage when they are able to obtain differential access to the factors of production that are denied to competitors
Types of competitive advantage include:
First mover advantage—results from a firm being first into a marketplace
Unfair competitive advantage—occurs when one firm develops an advantage based on a factor that other firms cannot purchase