was the first online wuction has bm the leader since it was founded. Although there are other firms in the industry, BidBuy controls Sanes, and three additional firms control anther 20% of the US market. Ore of the a over of BidEuy th case and answer the question number from 10 to 13 BidBuy is the world . This allows users to baild a repute the market in the United three keeps users from changing to other allows buyers and sellers to rate their satisfaction with each other following each transaction or honesty and trstworthiness. Sellers with a high feedback rating tend to receive more bids on their auctions and a higher heir goods. To help facillicane payment transfers between buyers and sellers following successfal online auctions, companics suct Dolla D g have b en fo deL a d eese e panies have facilitated growth for BidBu Hang ama neda 75% market share ng US, Bidlihay has begun expanding internationally, epening its own sites in some countries and purchasing incumbents in o oeline a uction companies is the large user base BidBay has built and a feedback rati capabilities aterational expansion. Bidliuy has allowed its Individual companies to customize their offerings according to the needs and desi of the countries in which throughout the firm. 10) 10) Which of the foflowing best describes the competition in the U.S. online auction industry? A) perfect competition B) monopolistic competition C) oligopoly D) monopoly ifer ikes uch as those offered by Della Dog that make Bidilay's scrvices more valaable for customers who use the services of both companies are best described as C) rivals D) suppliens 12) Factors such as BidBuy's feedback rating system that are valuabile to the company's customers but which are not useful on other online auction sites are examples of 12) A) first-mover advantages C) substitutes D) customer-switching costs 13) BidBuy has_ 13) A) visionary B) global C) first-mover D) comparative 14) All other things being equal, which of the following would lead to lower barriers to entry in an industry? A) The existence of economies of scale in the industry. B) Products are highly differentiated in the industry C) Industry incumbents have learning-curve cost advantages D) Raw materials are widely and readily available at a competitive price. 14) 15) The threat of direct competition tends to be high when A) there are few firms in an industry and these firms tend to be unequal in size. B) the industry growth rate is high C) firms are unable to differentiate their products. 15) D) production capacity can be added in small increments. 6) The products or services provided by a firm's substitutes meet provided by the firm itself A) different; the same B) approximately the same, the same C) different; different D) approximately the same, different customer needs in ways as the product 17) The level of direct competition in the fastfood industry can best be described as A) low because of the numerous firms in the industry and the slowing growth rate. B) low because of the slowing growth rate and the competition from composite wood furniture