What economic condition typically defines a buyer's market?

In a buyer's market, the defining characteristic is an excess of supply over demand, which often results from economic conditions where sellers have a challenging time moving their products due to limited buyers' willingness to make purchases. This typically occurs in a weaker economy, where consumers are more price-sensitive and have numerous alternatives available.

The correct answer highlights that in such an environment, buyers are empowered; they can choose from various substitutes, which can drive competitive pricing down. Consequently, sellers may need to lower prices or enhance their offering to attract buyers. This situation stems from a general economic environment that fosters abundance in substitutes but potentially discouraging consumer confidence or spending, often leading to lower overall demand.

In contrast, the other options describe scenarios that do not accurately represent a buyer's market. A high number of buyers with limited products would indicate a seller's market, while a strong economy with many product offerings points to a thriving environment for sellers. A scarcity of products available for purchase also contradicts the essence of a buyer's market, as it would typically imply an environment where sellers can dictate terms due to high demand and limited supply.