Before completing this exercise, be sure to review Chapter $5,$The Five Generic Competitive Strategies,$$ as well as Illustration Capsule $5\mathrm{.}1,$Vanguard$$s Path to Becoming the Low$-$Cost Leader in Investment Management.$$

Vanguard has been particularly effective in managing which of the following value chain cost drivers?

Multiple Choice

labor productivity and compensation costs, economies of scale, bargaining power, and input costs

economies of scale, learning and experience, capacity utilization, communication systems, and information technology

bargaining power, outsourcing, labor productivity, and learning and experience

capacity utilization, outsou