Which of the following is *not* true regarding the competitive dynamics of most sharing economy marketplaces?
a. ratings represent a switching cost built over time by early participants in sharing economy marketplaces.
b. late-movers have a substantial advantage in this market since inventory should be cheaper to acquire for those firms that have entered markets more recently.
c. network effects should grow over time, favoring firms that got a successful, early start over rivals who arrived late doing the same thing.
d. these are two-sided markets.
e. none of the above - all statements are true.

Costco wholesale corporation operates membership warehouses selling food, appliances, consumer electronics, apparel and other household goods at 471 locations across the u. s. as well as in canada, mexico and puerto rico. as of its fiscal year-end 2005, costco had approximately 21.2 million members. selected fiscal-year information from the company's balance sheets follows. ($ millions). selected balance sheet data 2005 2004 merchandise inventories $4,015 $3,644 deferred membership income (liability) 501 454 (a) during fiscal 2005, costco collected $1,120 cash for membership fees. use the financial statement effectstemplate to record the cash collected for membership fees. (b) in 2005, costco recorded $46,347 million in merchandise costs (that is, cost of goods sold). record thistransaction in the financial statement effects template. (c) determine the value of merchandise that costco purchased during fiscal-year 2005. use the financial statementeffects template to record these merchandise purchases. assume all of costco's purchases are on credit.