A generic market is one in which
A) products from different industries compete for customers by trying to satisfy the same basic need.
B) no firm can establish a competitive advantage.
C) a number of firms are all offering new or improved products in an effort to increase sales.
D) one seller has a patent for a superior product and other competitors imitate the leader with inferior products.
E) None of the above is true.

Question

Quizplus · Accepted Answer

A generic market refers to a market where products from different industries compete for customers by trying to satisfy the same basic need. For example, the market for breakfast foods includes products from various industries, such as cereal, bagels, and yogurt. These products are all competing to satisfy the basic need for breakfast food.

A Generic Market Is One in Which