The Threat of Substitute Products or Services Refers to the Power

question 33

True/False

The threat of substitute products or services refers to the power of competitors to enter a new market.

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Definitions:

AC

Alternating current, a type of electrical current in which the flow of electric charge periodically reverses direction.

Government

The organization or system through which a community or society exercises authority and performs functions.

Inefficiency

A situation where resources are not used in the best possible way, often leading to wasted potential.

Monopoly

An economic setup where there is only one provider of a good or service, possessing total market control due to the lack of any similar alternatives.