Which of the Following Statements Is True of Buyer Power

question 41

Multiple Choice

Which of the following statements is true of buyer power?

• A)If firms offer differentiated products, then buyers have increased power.
• B)If firms cannot switch suppliers easily, then buyers have decreased power.
• C)If buyers can easily switch firms, then buyers have increased power.
• D)If buyers can switch to substitute products easily, then buyers have decreased power.

---

Definitions:

Rivalry In Consumption

The property of a good whereby one person’s use diminishes other people’s use.

Private Good

A product that is excludable and rivalrous, meaning its use by one person decreases its availability for another.

Fire-Protection Services

Public or private services dedicated to preventing, controlling, and extinguishing fires to protect life and property.

Firefighter's Helmet

A firefighter's helmet is designed to protect firefighters from heat, falling objects, and other hazards while combating fires.