If There Are _____ Substitutes for an Organization's Products or Services

question 60

Multiple Choice

If there are _____ substitutes for an organization's products or services, then the threat of substitutes is _____.

• A) many, high
• B) few, low
• C) few, high
• D) many, low
• E) few, negligible

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Definitions:

Liquidated-Damage Clause

A contract provision that specifies a predetermined amount of money that must be paid as damages for failure to perform under the contract.

Punitive Nature

Refers to measures or penalties intended to punish individuals or entities for wrongdoing, often in addition to compensatory damages.

Voidable

A term applied to a contract that one or both parties have the ability to either withdraw from or enforce.

Insolvent Buyer

A purchaser who is unable to meet financial obligations or pay debts as they come due.