Q: Companies with a durable competitive advantage: Select one: a. Operate in a very competitive industry b. Have lower profit margins c. Have to compete by selling at a lower price d. Can price their products well above cost Q: Buffett looks for companies whose gross profit margins: Select one: a. Are the same as those of their competitors b. Are greater than 40% c. Are volatile d. Are consistently 60% and above Q: Some companies with high gross profit margins may not have a durable competitive advantage because: Select one: a. They have large research and development costs b. They don't spend a lot on selling and administrative expenses c. They have low debt d. They sell a very competitive product