restaurant has a highly$-$reputed chef, and many long$-$term kitchen and wait staff who work together smoothly. It has a reputation for dishes of consistently high quality and an appealing dining atmosphere.

a$.$ The success of this restaurant is so heavily based on human resources that the business will likely be subject to inertia in the future.

b$.$ The investor will find that the restaurant's financial statements will undervalue the true value of its resources.

c$.$ The investor should be aware that intangible assets are difficult to leverage into additional business.

d$.$ The investor should search for a firm which has competitive advantages based on tangible resources.

$20.$ Because the firm combines tangible and intangible resources to create capabilities,

a$.$ these capabilities are fragile and subject to sudden loss of value.

b$.$ they are often based on developing, carrying, and exchanging information and knowledge through the firm's human capital.

c$.$ they are easily transferred from one firm to another as employees change jobs.

d$.$ these types of capabilities are considered primary activities in the value chain.