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Supplier power is high when buyers have ________ choices from whom to buy and low when buyers have ________ choices. Group of answer choices few; few few; many many; many many; few

Supplier power is high when buyers have ________ choices from whom to buy and low when buyers have ________ choices. Group of answer choices few; few few; many many; many many; few

Understanding Business
Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Supplier power is high when buyers have ________ choices from whom to buy and low when buyers have ________ choices.
Group of answer choices
few; few
few; many
many; many
many; few
Expert Solution
Step 1

The power of the supplier depends upon the quantity demanded by the consumers. The supplier is likely to be powerful if the quantity demanded by the consumers is more which will allow the supplier to charge a higher price. On the other hand, the supplier will not be able to charge more than the market price if the consumers are not demanding the product in adequate quantity.

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