Answer:
forced U.S. to become more self-reliant
Explanation:
The 1807 Embargo Act in the short run resulted in very serious negative effects, but in the long run it helped the American economy to be more self-reliant.
Some of the negative effects on the short run include:
-agricultural products' prices and earnings decreased
-shipping-related industries were devastated
-existing markets were wrecked
-unemployment increased
-smuggling was widely endorsed by the public
-prices of domestic shipping increased
-imports and exports decreased
As a very positive effect, specially on the long run, it increased reliance on domestic manufacturing
.
There are several first mover advantages including:
-Brand recognition: better chance of being recognized if you were the first to do something
- Economies of Scale: learn how to perfect and grown in the market before other competitors come along
-Switching costs: when customers are established with the first brand they are less likely to want to spend the money to switch to a new competitor
One thing that can cause a shift in the demand curve is a change in one of the determinants of demand.
The law of demand can be shown as Pat wants to buy more candy bars at $1 than at $2
<h3>What does the law of demand say?</h3><h3 />
The law of demand posits that people will demand more of a good when the price is lower as opposed to when it is higher. This is why Pat will want to buy more candy bars when the price is lower at $1 as opposed to $2.
The demand curve will shift when there is a change in one of the determinant of demand such as the income of people and the price of substitutes.
Find out more on the law of demand at brainly.com/question/24500422
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