Figure 4-7
-Refer to Figure 4-7.The graphs show the demand for cigarettes.In Panel (a) ,the arrows are consistent with which of the following events?
Definitions:
Parallel Importing
The practice of importing goods through channels that are unofficial, unauthorized, or unintended by the original manufacturer.
Back-Channel Market
A market where goods and services are traded through secondary, often unofficial, routes or channels.
Joint Venture
A business agreement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task or project, sharing both the risks and rewards.
Direct Importing
The process by which a business buys products directly from a foreign country to bring into its home market, bypassing any middlemen.
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