13) Information ________ exists when one party in a transaction has more information that is important for the transaction than the other party. A) transparency B) asymmetry

C) complexity D) discrimination E) competition

14) Changing the prices of products based on the level of demand characteristics of the customer is called ________ pricing. A) menu B) dynamic

C) flexible D) asymmetric E) customized

15) Removing the business process layers in a distribution channel is called: A) disintermediation. B) BPR. C) market segmentation.

D) network effects. E) market transparency.

16) In digital markets: A) search costs increase. B) menu costs are lower. C) switching costs decline. D) network costs decline. E) information asymmetry increases.