The market in which a consumer product competes is, in reality:
A)Precisely defined, with a specific analysis of products, markets, and rivals
B)A continuum, with no clearly defined boundary
C)The market for all products which consumers may choose to spend their money on, in some sense.
D)Answers b and c

Question

Quizplus · Accepted Answer

The market in which a consumer product competes is not precisely defined and has no clearly defined boundary, making it a continuum. It also includes all products that consumers may choose to spend their money on, including substitutes and complements. Therefore, the best answer is D, which includes options B and C.

The Market in Which a Consumer Product Competes Is, in Reality