What is the main difference between a generic market and a product-market?
A) 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 is a market with broadly similar needs-and sellers offering various, often diverse, ways of satisfying those needs. In contrast, a product-market is a market with very similar needs and sellers offering various close substitute ways of satisfying those needs.

What Is the Main Difference Between a Generic Market and a Product-Market