A market's boundaries are defined by
A)the geographies of the markets that are supplied by the incumbents.
B)the type of product which is sold, and the type of customers willing to pay for the product.
C)substitutability on the demand side and on the supply side.
D)substitutability on both the demand side and the supply side, combined with an element of judgment depending on context and purpose.

Question

Quizplus · Accepted Answer

Markets are defined by both the substitutability on both the demand and supply sides. However, there is also an element of judgment that must be considered depending on the context and purpose. This may include factors such as the products, geography, and customer behaviors. Therefore, Choice D is the best option.

A Market's Boundaries Are Defined by