Which of the following statements is$($are$)$ accurate concerning pricing and the competitive environment?

Competition establishes an upper limit on price.

Late entrants to the market often enjoy potential cost advantages over the pioneering firm.

Competitors will be more sensitive toward price reductions that threaten market segments that they deem important.

All of the answer choices.

Both competition establishes an upper limit on price and late entrants to the market often enjoy potential cost advantages over the pioneering firm.