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Answer :
Final answer:
The pharmaceutical industry is an example where companies are dependent on powerful suppliers due to the existence of monopolies for certain new drugs produced by single firms without close substitutes.
Explanation:
The example of an industry in which companies are dependent on a powerful supplier is the pharmaceutical industry. This is because some new drugs are produced by only one pharmaceutical firm and no close substitutes for that drug may exist. This grants that firm significant power as a supplier in the market. Companies that need to purchase those drugs for resale to consumers are dependent on the terms set by the sole supplier. This is a key characteristic of a monopoly within the pharmaceutical industry.
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