Waring found that firms that operate in industries that are informationally complex, require customers to know a great deal in order to use the industry's products, require a great deal of R & D, and have significant economies of scale are more likely to have sustained competitive advantage than those firms in industries without those characteristics.

Question

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Waring's findings suggest that firms operating in informationally complex industries with high R&D requirements and significant economies of scale are more likely to achieve sustained competitive advantage than those in less complex industries.

Waring Found That Firms That Operate in Industries That Are