A product-market is one in which
A)products from different industries compete for customers by trying to satisfy the same basic need.
B)price is the determining factor in deciding which brand to buy.
C)all the customers want the exact same product but will consider a substitute if their preferred brand is not available.
D)one seller has a monopoly and there is no competition.
E)None of these answers is correct.

Question

Quizplus · Accepted Answer

A product-market is a market with very similar needs and sellers offering various close substitute ways of satisfying those needs.

A Product-Market Is One in Which