"Back when I was in college, interest rates were a lot higher than they are today. It was possible to find a savings account that returned 7% per year. If compounded monthly, what would be the Equivalent Annual Rate for this account?

Which of the following is a competitive benefit experienced by the first mover firm in an industry? a. the first mover will be able to achieve a less steep learning curve. b. the first mover will be able to reduce the switching costs. c. the first mover will not have to patent its products or technology. d. the first mover will be able to reduce costs through economies of scale.