The Intemet fosters information asymmetry, a state whereby the seller and buyer
ID: 414829 • Letter: T
Question
The Intemet fosters information asymmetry, a state whereby the seller and buyer are not likely to share the same information. True False QUESTION 20 The ability to individualize product and service offerings to meet specific buyer needs is known as O commoditization. information symmetry O the "flat world." O None of the above. QUESTION 21 The collusion of firms to address the changing demands of consumers is known as O commoditization O mass customization o industry revolution. O None of the above. QUESTION 22 The decline in unit costs of a product or service that occurs as the absolute volume of production increases is known as O economies of scale O mass customization. specialization. None of the above. QUESTION 23 The increasing difficulty firms have distinguishing their products and services from those of their rivals is known as outsourcing. o offshoring O mass customization. O commoditization. QUESTION 24 The process of disaggregation and reaggregation has resulited in an increased emphasis on partnerships. True FalseExplanation / Answer
19.
The internet should reduce the information asymmetry because it provides the buyer and sellers with the opportunity to explore information which otherwise would have been hidden by them intentionally. Thus it should be FALSE.
20.
It is the mass customization which refers to the ability to individualize product and service offerings to meet specific buyer needs. So, None of the above are correct.
21.
Here, mass customization and commoditization are irrelevant. Industry revolution relates to the changes in demand patterns of the consumers for which all the firms in an industry must work together. So, the third option can be correct.
22.
When the output increases, the fixed cost is apportioned to all products leading to a reduction of per unit cost. This is the basic premise of the economies of scale.
23.
When there is a very feeble distinction between the products of the firm and that of its competition, we will say that products have become commodities and the phenomenon is known as commoditization.
24.
In the past decade, disaggregation and reaggregation have led to less emphasis on performing all of the required activities themselves and forming partnerships as reorganizing work processes has become easier due to information technology and internet which has led to improved efficiency. It should be TRUE
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