Competitive advantage . . .
a. can be permanent if the firm has successfully implemented the strategic management process

b. entails reducing investors' risk to near zero

c. can be identified only if it has been unsuccessfully challenged by competitors

d. exists when competing firms are unable to find investors

c. can be identified only if it has been unsuccessfully challenged by competitors

Explanation:

Competitive advantage is a favorable attribute that a business possesses, making it outperform its competitors. Competitive advantage enables the company to utilize its resources efficiently, resulting in more customers and higher profits than rivals.

A firm will retain its competitive advantage if its competitors fail to replicate or match its favorable traits. Its position as the market leader will remain unchallenged until competitors develop attributes that can match its unique traits.  In other words, a competitive advantage position remains relevant if competitors have challenged it unsuccessfully.

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d. the economy will face inflation.