In a Generic Market

question 129

Multiple Choice

In a generic market

• A) sellers offer various, often diverse, ways of satisfying broadly similar needs.
• B) consumers are offered various close substitute ways of satisfying needs.
• C) everything is the same as in a product-market.
• D) customers have very diverse needs.
• E) sellers produce unbranded products.

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Definitions:

Experimenter Bias

The influence of the experimenter’s expectations on the outcome of research.

Double-Blind Experiment

An experimental design in which neither the experimenter nor the participants are aware of which participants are in the experimental group and which are in the control group until the results are calculated.

Experimental Group

The participants in an experiment who receive the drug or other treatment under study—that is, those who are exposed to the change that the independent variable represents.

Placebo Effect

A phenomenon in which a person experiences a physiological or psychological improvement after being given a treatment with no therapeutic value.