A product-market is one in which
A)demand is inelastic.
B)products that are close substitutes for each other compete for customers by trying to satisfy very similar needs.
C)breakthrough opportunities are no longer possible.
D)one seller has a patent for a superior product and other competitors try to imitate the leader.
E)All these answers are 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