Write a one page paper about Valero. Write about the buying power and answer the following questions within the paper: is buyers industry more concentrated than
industry it purchases from? Do buyers purchase large volumes? Does a buyers purchase represent a large fraction of the typical sellers sale revenue? Does the product
represent significant fraction of cost in buyers business or consumption? Are prices in the market negotiated between buyers and sellers on each individual transaction
or do sellers post a take it or leave it price that applies to all transactions? Is the price elasticity of demand for the product that the firm or inustry sells
relatively elastic or inelastic in the market?
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