The boundaries of a market are determined by product substitutability and geographic considerations.

Name: The boundaries of a market are determined by product substitutability and geographic considerations.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Market boundaries are defined by how easily consumers can substitute one product for another (product substitutability) and by the geographic area in which firms compete for customers (geographic considerations).

The Boundaries of a Market Are Determined by Product Substitutability