What Is Buyer Power

question 179

Multiple Choice

What is buyer power?

• A) The ability of buyers to affect the price they must pay for an item.
• B) The suppliers' ability to influence the prices they charge for supplies (including materials, labor, and services).
• C) High when it is easy for new competitors to enter a market and low when there are significant entry barriers to joining a market.
• D) High when there are many alternatives to a product or service and low when there are few alternatives from which to choose.

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Definitions:

CISG

The United Nations Convention on Contracts for the International Sale of Goods, a treaty that establishes a uniform framework for international commerce.

Battle of the Forms

A legal concept involving conflicts between differing terms in contracts, typically in commercial transactions.

Acceptance

In contract law, acceptance refers to the agreement by the party to whom an offer has been made to the terms of the offer, resulting in a legally binding contract.

Mailbox Rule

A legal doctrine stating that an offer is considered accepted at the time the acceptance is sent via the mail or other delivery method.