In a situation where few substitutes are available for a products, then ___________.
A) Suppliers are more powerful than buyers
B) Buyers are more powerful than suppliers
C) Both buyers and suppliers have no power
D) Both buyers and suppliers are powerful

Question

Quizplus · Accepted Answer

When few substitutes are available for a product, the buyers have fewer options to choose from, making the suppliers more powerful. The suppliers can therefore charge higher prices and have more negotiating power.

In a Situation Where Few Substitutes Are Available for a Products