Switching Costs, the Number of Buyers, and If the Items

question 88

Multiple Choice

Switching costs, the number of buyers, and if the items represent a relatively small portion of the cost of finished products are key considerations regarding the ________.

• A)threat of new entrants to the industry
• B)rivalry among companies competing in the industry
• C)bargaining power of suppliers
• D)bargaining power of buyers

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Definitions:

Thurgood Marshall

The first African American Supreme Court Justice, instrumental in the civil rights movement and the landmark case Brown v. Board of Education.

Automobile

An automobile that operates on wheels, commonly driven by an internal combustion engine or an electric motor, designed primarily for moving people or goods.

Free Market

An economic system in which prices and the distribution of goods and services are determined by open competition in a free market, typically with minimal government intervention.

League Of United Latin American Citizens

Often called LULAC, an organization that challenged restrictive housing, employment discrimination, and other inequalities faced by Latino Americans.