The characteristics of buyer-seller relationships exist on a continuum beginning with the traditional approach of ____________, with a single short-term contract that presents minimal risk to both parties. The opposite extreme is ________ integration, where the parties are fully integrated as one unit.

Question

Quizplus · Accepted Answer

The traditional approach in buyer-seller relationships is typically a short-term, low-risk contract between two separate entities. This fits the description of open-market, which allows for competition and multiple options. On the other hand, full integration of the parties as one unit describes vertical integration, where the buyer and seller merge together into a single entity. Therefore, the best choice is C) open-market / vertical.

The Characteristics of Buyer-Seller Relationships Exist on a Continuum Beginning