Ajewelry manufacturerhas recently acquired themining companythat supplies the precious metals used in its jewelry production.

Backward vertical integrationoccurs when a companyacquires a supplier or producerthat is furtherupstreamin the supply chain. In contrast,forward vertical integrationhappens when a companybuys a retailer or distributorfurtherdownstream.

????Note:Forward horizontalandbackward horizontal integrationdo not exist—these are trick options. (See LO 1.2, p.42)

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