What is the main difference between a generic market and a product-market?
A)A generic-market involves a less similar set of needs than does a product-market.
B)A product-market is usually larger than a generic market.
C)Product-markets usually don't involve competition,but generic markets do.
D)Sellers in a generic market are more concerned with prices than sellers in a product-market.
E)There is no difference between the two.

Question

Quizplus · Accepted Answer

A generic market is a market with broadly similar needs-and sellers offering various,often diverse,ways of satisfying those needs.In contrast,a product-market is a market with very similar needs and sellers offering various close substitute ways of satisfying those needs.

What Is the Main Difference Between a Generic Market and a Product-Market