The main difference between a generic market and a product-market is that:
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 consists of a broad range of similar needs, such as the market for transportation or entertainment, while a product-market is more specific and consists of a group of customers who have similar needs and are willing to pay for a particular product or service, such as the market for smartphones or sports cars. Therefore, a generic market involves a less similar set of needs than does a product-market.

The Main Difference Between a Generic Market and a Product-Market