In what ways can vertical integration make a business less responsive to market changes?

Multiple select question.

A firm may be unable to respond to changes in consumer preferences using its existing facilities.

Significant capital investments in vertical integration reduce the impact of an industry downturn, making profitability less urgent.

Significant investments in older technology make the firm less likely to adopt new technologies.

Vertical integration makes a firm less reliant on high sales volumes, reducing its need to innovate and respond to customer requests.