Suppliers Are Powerful When the Industry Is Dominated by a Few

question 53

True/False

Suppliers are powerful when the industry is dominated by a few large companies,no satisfactory substitutes are available,the selling industry is relatively more concentrated than the purchasing industry,and switching costs are high.

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Definitions:

Embargo Act

A law or policy imposed by a government that restricts trade with a specific country or countries, often to apply political pressure.

Economic Depression

A prolonged period marked by a significant decline in economic activity across the market, widespread unemployment, and a decrease in production and consumer spending.

Impressment

The act of taking men into a navy by force and with or without notice, commonly practiced by British Royal Navy against American seamen in the lead up to the War of 1812.

War Hawks

A term used to describe members of Congress who were pro-war, particularly during the period leading up to the War of 1812, advocating for conflict with Britain.