Buyers have higher market power when firms sell a highly differentiated product.

a. they are not a significant purchasers of the supplier's output.

b. their switching costs are low.

c. they are less concentrated.

The correct answer is letter "C": their switching costs are low.

Explanation:

Consumers incur switching costs if they are penalized by direct or indirect costs for changing a manufacturer, brand or commodity. Switching costs are typically monetary but can also reflect the time and effort required to make a change. A major barrier to market improvements can be high switching costs.

Thus, if there are no switching costs consumers will have more buying power since they will freely decide what to spend their money without the constraints of penalties.

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whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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