Question: Question Four a) Explain why payback is not an appropriate investment criterion. (10 marks) b) Explain the concepts of competitive advantage and economic rent. (10

Question Four a) Explain why payback is not an appropriate investment criterion. (10 marks) b) Explain the concepts of competitive advantage and economic rent. (10 marks) c) Explain why the assumption of efficient markets is essential to corporate finance. (15 marks) Question Four a) Explain why payback is not an appropriate investment criterion. (10 marks) b) Explain the concepts of competitive advantage and economic rent. (10 marks) c) Explain why the assumption of efficient markets is essential to corporate finance. (15 marks)

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