A Product-Market Is One

question 190

Multiple Choice

A product-market is one

• A) in which exchanges are based on barter rather than money.
• B) where one seller has a patent for a superior product and other firms try to imitate the leader the best they can.
• C) where all of the customers want the same product but will consider a substitute if their preferred brand is not available.
• D) in which competing sellers offer physically or conceptually similar products.
• E) in which no intermediaries operate.