Which statement about the pet goods market is CORRECT? I. The market for pet goods has grown in recent years due to the lower costs of producing pet goods.
II) One reason for the growth of the pet goods market has been the increase in the number and availability of goods and services for pets.
III) Like other markets, the pet goods market typically contracts when there are downturns in the economy.

Question

Quizplus · Accepted Answer

Statement II is correct. The pet goods market has grown due to an increase in the number and availability of goods and services for pets. Statements I and III are incorrect. Although lower costs may contribute to the growth of the market, it is not the main reason for its growth. Additionally, the pet goods market has shown resilience during economic downturns, as pet owners are often willing to continue spending on their pets despite economic hardships.

Which Statement About the Pet Goods Market Is CORRECT? I