Buyer Power Is _____ When Buyers Have Many Choices from Whom

question 32

Multiple Choice

Buyer power is _____ when buyers have many choices from whom to buy and _____ when buyers have few choices.

• A) high, the same
• B) high, low
• C) low, low
• D) low, high
• E) low, the same

---

Definitions:

Opportunity Cost

The cost of forgoing the next best alternative when making a decision or choosing to consume or produce one good or service over another.

Marginal Product

Marginal Product is the additional output resulting from a one-unit increase in the quantity of a particular input, holding all other inputs constant.

Labor

Refers to the human effort, both physical and mental, used in the production of goods and services.

Output

The amount of goods or services produced by a company, industry, or economy within a certain period.