A Product-Market Is One in Which

question 281

Multiple Choice

A product-market is one in which

• A) demand is inelastic.
• B) products that are close substitutes for each other compete for customers by trying to satisfy very similar needs.
• C) breakthrough opportunities are no longer possible.
• D) one seller has a patent for a superior product and other competitors try to imitate the leader.
• E) All of these alternatives are true.

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