A product-market is one in which
A) products from different industries compete for customers by trying to satisfy the same basic need.
B) price is the determining factor in deciding which brand to buy.
C) all of the customers want the exact same product but will consider a substitute if their preferred brand is not available.
D) one seller has a monopoly and there is no competition.
E) None of the above is true.

Question

Quizplus · Accepted Answer

The Answer of A product-market is one in which
A) products from different industries compete for customers by trying to satisfy the same basic need.
B) price is the determining factor in deciding which brand to buy.
C) all of the customers want the exact same product but will consider a substitute if their preferred brand is not available.
D) one seller has a monopoly and there is no competition.
E) None of the above is true.

A Product-Market Is One in Which