A Product-Market Is One in Which

question 34

Multiple Choice

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 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 these answers is correct.

---

Definitions:

Chief Executive

The highest-ranking executive in a company or government, responsible for making major corporate or policy decisions.

Administrative State

A concept that describes a government in which the executive branch, through various agencies, plays a significant role in regulation and policy implementation beyond traditional law enforcement.

Patronage

The power to control appointments to office or the right to privileges, often used by politicians to reward individuals for their support or loyalty.

Civil Service

A body of government employees selected based on merit rather than political affiliation, tasked with the implementation of public policy.