Related and Supporting Industries Are Called _________ and They Are

question 10

Multiple Choice

Related and supporting industries are called _________ and they are an additional force that can impact the competitiveness of an industry.

• A) Complementors
• B) All-rounders
• C) Customizers
• D) Supporters

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Definitions:

Long-Run Equilibrium

A state in which a market's supply and demand balance out over time, with all firms earning normal profit and no incentive for new firms to enter or existing ones to exit.

Price Maker

A firm or entity that has the power to influence the price of goods or services in the market due to a lack of significant competition.

Total Revenue

The overall amount of money generated by a business from selling its goods or services before any costs are subtracted.

Elastic Than Industry

A condition or scenario where a particular firm or product has a higher sensitivity to price changes compared to the overall industry.