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Question
Ceramic Customs Corp. required a specific type of ceramic to make its tiles. Since there was only one supplier for that particular ceramic, the firm was forced to source all of its supplies from it. The firm tried negotiating the price of the material but failed to get any reduction on the cost. This was because:A. the supplier had more bargaining power than the firm.
B. the supply was unlimited.
C. the supply exceeded the demand.
D. the industry had barriers to entry.
Answer
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