A municipal securities firm based in New York places the following advertisement in the local newspaper: State of New York bonds are a great investment for residents of the Tri-State area (New York, New Jersey and Connecticut), since the income is triple tax exempt. What is true regarding this advertising claim?

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.