A(n)__________ is made up of product or service offerings by different manufacturers or sellers that are economically interchangeable and may therefore be said to compete.
A) interchangeable-brand product market
B) market power interchange
C) multiple-brand product market
D) consumer surplus brand market

Question

Quizplus · Accepted Answer

A multiple-brand product market consists of products or services that are economically interchangeable and compete with each other, even if they are made by different manufacturers or sellers. This type of market is characterized by a high level of competition and price sensitivity among consumers. It is different from an interchangeable-brand product market, which refers to products that are identical or very similar in terms of their features, quality, and price, and from a market power interchange, which refers to the ability of a firm to affect the price or output of a product or service in a market. The term "consumer surplus brand market" is not a commonly used term in economics or marketing, and does not accurately describe the concept being discussed.

A(n)__________ Is Made Up of Product or Service Offerings by Different