Economic Theory uses a lot of simplification to get to its key analytical points. One type of simplification is an assumption that economic actors are sensitive to changes in the price and supply of goods they need and will find ways to counter price increases or deal with decreases in supply in whatever way is available to them. The prices of rare earth elements, which are important for a range of high tech goods - including computers, smart phones, and other devices used to connect to the Internet; storage batteries for electric vehicles, fiberoptic cable, LEDs, and LCD displays - spiked in 2010-11 though soon returned to prior levels. The main cause of the price spike, China's major role as a supplier, also led importers to think more about stability of supply. 

Identify at least three ways buyers of rare earth elements can reduce their sensitivity to price volatility and their exposure to concentration of suppliers.