A product-market is one
A) in which exchanges are based on barter rather than money.
B) where one seller has a patent for a superior product and other firms try to imitate the leader the best they can.
C) where all of the customers want the same product but will consider a substitute if their preferred brand is not available.
D) in which competing sellers offer physically or conceptually similar products.
E) in which no intermediaries operate.

Question

Quizplus · Accepted Answer

A product-market is a market where competing sellers offer physically or conceptually similar products. This means that customers have the option to choose between different brands or products that offer similar benefits. The other choices do not accurately describe a product-market.

A Product-Market Is One