The value chain is an important tool to identify a firm's activities and evaluate whether they are able to create and sustain a competitive advantage. To do this, these activities must: reduce the immobility and heterogeneity of the firm's resources contribute to the firm's position as either low-cost leader or differentiator create a static fit between the company's internal resources & external environment reduce the casual amibiguity and the social complexity of the firm's source of success. Question 2 5 pts Mike needs a new suit for job interviews. He is willing to pay $200 for the suit he just tried on but, after looking at the price tag, he finds the suit is only $175. What is the $200 referred to as? the producer surplus the firm's cost (C) in manufacturing the suit the value (V) the consumer attaches to the suit