Use of a Single Supplier for a Part or Service

question 44

Short Answer

Use of a single supplier for a part or service in part of the business and another supplier with the same capability for a different part or service in another area of the business is known as ________.

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Definitions:

Monopolistic Competitors

Firms operating in a market structure where many companies sell products that are similar but not identical, allowing for competition on aspects other than just price.

Control Over Prices

The ability of a firm or government to dictate or influence the prices of goods and services in the market, often through regulation or monopoly power.

General Motors

An American multinational corporation headquartered in Detroit, Michigan, that designs, manufactures, markets, and distributes vehicles and vehicle parts.

Hertz

A unit of frequency equal to one cycle per second, used to measure wave frequencies, such as sound waves or electromagnetic waves.