The bargaining power of suppliers increases if
A) the input supplied is relatively standardized.
B) the input in question is not a critical component of production.
C) the cost of switching suppliers is relatively low.
D) there are only a few competitors to the supplier.
D
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If advertising makes demand of a product more elastic, it makes sense for a firm to
a. Decrease the price of the product b. Increase the price of the product c. Leave the price unchanged d. None of the above
Assume the price of cola is $8 per unit and the price of pretzels is $4 per unit.Table 19.3Michael's Utility ScheduleUnits of ColaTU of ColaMU of ColaUnits of PretzelsTU of PretzelsMU of Pretzels14040130302 322 2039624366164112 478 5124 584 Refer to Table 19.3. Suppose Michael has $28 to spend on cola and pretzels. What combination should he purchase in order to maximize his utility?
A. Two colas and three pretzels. B. One cola and five pretzels. C. Three colas and one pretzel. D. Three colas and four pretzels.