Which if the following describes a product-market most accurately?
A) Exchanges are based on barter rather than money.
B) One seller has a patent for a superior product and other firms try to imitate the leader the best they can.
C) All of the customers want the same product but will consider a substitute if their preferred brand is not available.
D) Competing sellers offer physically or conceptually similar products.
E) A market in which no intermediaries operate.

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. In a product-market concerned with specific products, consumers compare them with similar products that may satisfy their needs.

Which If the Following Describes a Product-Market Most Accurately