A basic difference between a "generic market" and a "product-market" is:
A) whether or not sellers in the market rely on e-commerce.
B) how similar the competing sellers' products are.
C) whether customer needs are similar or different.
D) whether the market includes only buyers-or both buyers and sellers.
E) There is NO DIFFERENCE-the terms mean the same thing.

Question

Quizplus · Accepted Answer

A generic market refers to a broad market category, while a product-market refers to a more specific market that includes products that are similar in nature and compete with each other. Therefore, the key difference between the two is how similar the competing products are (choice B). The other options are not relevant to this distinction.

A Basic Difference Between a "Generic Market" and a "Product-Market