Which of the Following Is NOT True of a Product-Market

question 174

Multiple Choice

Which of the following is NOT true of a product-market?

• A) Competing suppliers offer close substitutes to satisfy needs.
• B) Customers in a product-market have very similar needs.
• C) Very different types of products may compete for consumer dollars.
• D) Naming product-markets includes consideration of where the customers are.
• E) None of the above statements is true.

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Definitions:

Physical Inputs

The tangible resources or materials used in the production of goods and services.

Demand Curve

A graphical representation of the relationship between the price of a good and the quantity demanded.

Quantity Demanded

The total amount of a good or service that consumers are willing to buy at a given price over a specified period.

Economists

Economists are experts who study how societies use scarce resources to produce valuable commodities and distribute them among different people.