Identify and Briefly Explain Any Three Factors That Lead to Weak

question 80

Essay

Identify and briefly explain any three factors that lead to weak bargaining power on the part of buyers.

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Definitions:

Excise Tax

A tax usually imposed on specific goods such as tobacco, alcohol, and gasoline, aimed at reducing consumption or raising revenue.

Supply Curve

A graphical representation of the relationship between the price of a good or service and the amount of it that producers are willing to supply at that price.

Elastic Demand

A condition where the quantity demanded of a good or service significantly changes in response to a change in its price.

Efficiency Loss

The decrease in economic effectiveness that occurs when a good or service does not reach or cannot reach its equilibrium state.