Late movers are those firms that
a. respond to a competitive action a significant amount of time after the first mover's action and the second mover's response.
b. respond to a first mover's competitive action often through imitation or a move designed to counter the effects of the action.
c. take an initial competitive action (either strategic or tactical).
d. typically achieve higher-than-average returns because they can imitate the most efficient actor.
Answer: respond to a competitive action a significant amount of time after the first mover's action and the second mover's response.