Economists think of products as being in the same market if they
A) Are traded in a particular geographic location
B) Cannot be substituted for other goods and services
C) Are highly interchangeable
D) Produced by companies that complete with each other

Question

Quizplus · Accepted Answer

Economists consider products to be in the same market if they are highly interchangeable, meaning that they can be easily substituted for one another. This is known as the concept of product substitutability.

Economists Think of Products as Being in the Same Market