The Main Difference Between a Generic Market and a Product-Market

question 74

Multiple Choice

The main difference between a generic market and a product-market is that:

• A) a generic-market involves a less similar set of needs than does a product-market.
• B) a product-market is usually larger than a generic market.
• C) product-markets usually don't involve competition, but generic markets do.
• D) sellers in a generic market are more concerned with prices than sellers in a product-market.
• E) There is no difference between the two.

---

Definitions:

Common Input

A shared resource or factor that is used in the production or creation of multiple goods or services.

Intermediate Products

Items that are in a stage of production but not yet finished goods.

Processed Further

A decision-making process regarding whether additional processing should be applied to a product to improve its value or sell as is.

Mixing Machine Time

The duration or amount of time utilized by a mixing machine to combine ingredients or materials in the manufacturing process.