Buyers Are in Position to Exert Strong Bargaining Power in Dealing

question 26

Multiple Choice

Buyers are in position to exert strong bargaining power in dealing with sellers when

• A) their costs to switch to competing brands or to substitute products are relatively high.
• B) a particular seller's product delivers quality or performance that is very important to the buyer and is not matched by other brands.
• C) they buy the product infrequently or in small quantities and are not particularly well-informed about sellers' products, prices, and costs.
• D) buyer demand is growing rapidly.
• E) the number of buyers is small or when a customer is particularly important to a seller.

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Definitions:

Imports

Goods and services purchased by a country from other countries.

Exports

Goods or services produced domestically and sold to buyers in another country.

Gold Standard

A monetary system in which the value of a country's currency is directly linked to a specified amount of gold.

U.S. Dollar

The official currency of the United States, widely used as a global reserve currency and for international transactions.