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Assertion (A) A firm's relative position within its industry determines whether the firm's overall profitability is above or below the industry average.
Reason (R) The fundamental basis of average profitability in the long run is sustainable competitive advantage.

Assertion (A) A firm's relative position within its industry determines whether the firm's overall profitability is above or below the industry average.
Reason (R) The fundamental basis of average profitability in the long run is sustainable competitive advantage. Correct Answer (A) and (R) both are correct and (R) is the right explanation of A

Related Questions

Indicate the correct answer from the following types of the long run average cost curves on which the minimum average cost of production in long run can be determined.
1. Long run average cost curve under normal production function
2. Long run average cost curve under linearly homogeneous production function
3. Planning curve
4. Envelope curve
Select the correct answer of the Assertion (A) and Reason (R).
Assertion (A) Companies should measure the profitability of their products,. territories, customer groups, segments, trade channels and order sizes.
Reason (R) Measure of profitability helps companies determine whether to expand, reduce or eliminate any product or marketing activities to ensure profitability control.
Assertion (A): Long run equilibrium of the industry in a perfectly competitive market occurs at the point where price equals minimum long run average cost.
Reason (R): In this position of zero economic profit, there is no tendency on the part of any existing firm to stage an exit, and no potential entrant wants to enter the industry.
The following are the conditions for selecting list of a suitable candidates to be called for interview after the written test for the recruitment is conducted/ organized for management-level persons of a multi-national company. For providing accounting services and sales the candidates must (a) be holding a graduation in basic science with 65% or above or B. E degree with 55% and above marks (b) have passed the written test with 70% or above marks (c) the age must be in the group 25 to 30 years as on 1/4/18 (d) have experience in an accounting firms for three years and diploma in accounting with 60% or above marks (e) be presently drawing CTC of 6 Lakhs per annum and above In case the applicant who satisfies all other terms above except 1) at (a) above, then be referred as Junior Accountant 2) at (d) & (e) above then be referred as Trainee-Accountant Satisfying all the above with experience of 5 years then be referred as senior-Accountant Satisfying all the above criteria (a-e) with CA/ ICWA / MBA (Finance) then be refereed as manager (Accounts) Read all the above information and answer the following question Shravani has passed H. SC with 72% of marks. She has done diploma in accountancy with 62% of marks. She was working with an organization in the field of accounting in the field of accounting from 4 years and was drawing CTC of 6.5 Lakhs presently. She is 28yrs as on July 2018. She may referred for the position of:
The following are the conditions for selecting list of a suitable candidates to be called for interview after the written test for the recruitment is conducted/organized for management - level persons for a multi - national company. For providing accounting services and sales the candidate must (a) be holding a graduation in basic science with 65% or above or B.E. degree with 55% and above marks (b) have passed the written test with 70% or above marks (c) the age must be in the group 25 to 30 years as on 1/4/18 (d) have experience in an accounting firms for three years and diploma in accounting with 60% or above marks (e)  be presently drawing CTC of 6 Lakhs per annum and above In case the applicant who satisfies all other terms above except 1) at (a) above, then be referred as Junior Accountant 2) at (d) & (e) above then be referred as Trainee - Accountant Satisfying all the above with experience of 5 years then the referred as senior-Accountant Satisfying all the above criteria (a - e) with CA/ICWA/MBA (Finance) then be referred as manager (Accounts) Read all the above information and answer the following question Praveen has done his Masters in physics. He has no experience in accounting neither diploma. He is ready to be on training for accounting after joining. For which position he may be referred
The following are the conditions for selecting list of a suitable candidates to be called for interview after the written test for the recruitment is conducted/ organized for management-level persons of a multi-national company. For providing accounting services and sales the candidate must (a) be holding a graduation in basic science with 65% or above or B.E degree with 55% and above marks (b) have passed the written test with 70% or above marks (c) the age must be in the group 25 to 30 yrs as on 1/4/18 (d) have experience in an accounting firms for three yrs and diploma in accounting with 60% or above marks (e) be presently drawing CTC of 6 Lakhs per annum and above In case the applicant who satisfies all other terms above except 1) at (a) above, then be referred as Junior Accountant 2) at (d) & (e) above then be referred as Trainee-Accountant Satisfying all the above with experience of 5 yrs then be referred as senior-Accountant Satisfying all the above criteria (a-e) with CA/ ICWA/ MBA (Finance) then be refereed as manager (Accounts) Read all the above information and answer the following question: Radha Mohan has done her graduation in physics with 58% of marks. She has passed the written examination with 76% of marks. She is 27 yrs as on June 2018. She has the experience in the accounting company for four years with salary of 7 Lakhs per annum. She also has passed diploma in accounting with 61% of marks. She may be referred for the position of:
The question given below consists of a statement, followed by three arguments numbered I, II and III. You have to decide which of the arguments is/are ‘strong’ arguments and which is/are ‘weak’ arguments and accordingly choose your answer from the alternatives given below each question. Statement: In the wake of globalization and digitization of the manner in which the business are conducted, the IT/ITES industry holds a significant place in the future business scenario. The Economic Survey 2017-18 mentioned that the IT/ITES services industry in India has scaled to around $140 billion during 2016-17. India today is globally the top outsourcing destination accounting for more than half of the market share. The IT/ITES industry has contributed around 7.7% of the country's GDP and according to IBEF is a key employment generator with a projection of creating 1.3-1.5 lakh new jobs annually. Which among the following arguments support the above statement in the best possible manner? Arguments: I. The Government has also provided considerable inputs to the industry with its various flagship programmes such as Digital India, Smart Cities, e-Governance coupled with a drive towards a cashless economy. II. The Government has been pro-active in considering demands of the industry and providing timely respite from the teething troubles under GST as well.  III. The IT/ITES industry is a labour intensive industry and a large scale employment generator. It is a common practice across the industry to provide various privileges and facilities to their staff in order to boost employee retention rates in their organisation.
An assertion and a reason are given below. Assertion: The phenomenon of nuclear fission generates great energy. Reason: The process in which a nucleus is broken into two parts is called nuclear fission. Choose the answer. A. Both Assertion and Reason are true and Reason is the correct explanation of Assertion. B. Both Assertion and Reason are true but Reason is not the correct explanation of Assertion. C. Both Assertion and Reason are false. D. Assertion is true but Reason is false.
Assertion (A) All firms under perfect competition in long run earn only normal profit.
Reason (R) All firms under perfect competition in long run operate at the minimum average cost level.
The following are the conditions for selecting a list of suitable candidates to be called for interview after the written test for the recruitment is conducted/ organized for management-level persons for a multi-national company. For providing accounting services and sales the candidate must (a) beholding graduation in basic science with 65% or above or B.E. degree with 55% and above marks (b) have passed the written test with 70% or above marks (c) the age must be in the group 25 to 30 years as on 1/4/18 (d) have experience in an accounting firm for three years and a diploma in accounting with 60% or above marks e) be presently drawing CTC 6 lakhs per annum and above In case the applicant who satisfies all other terms above except 1) at (a) above, then be referred to as Junior Accountant 2) at (d) & (e) above then be referred to as Trainee-Accountant Satisfying all the above with experience of 5 years then be referred to as senior-Accountant Satisfying all the above criteria (a-e) with CA/ICWA/MBA (Finance) then be referred to as manager (Accounts) Read all the above information and answer the following question   Praveen has done his Masters in physics. He has no experience in accounting neither diploma. He is ready to be on training for accounting after joining. For which position he may be referred.