Which of the following concepts is important in the determination of a company's relevant product market?

Question

Quizplus · Accepted Answer

Cross-elasticity of demand is the measure of responsiveness of demand for one product to a change in the price of another related product. It helps to identify substitute products that can be included in the relevant product market for a company. Advertising budget, retail sales tax rate, and government spending projections do not directly determine a company's relevant product market.

Which of the Following Concepts Is Important in the Determination