A Product-Market Is One in Which

question 35

Multiple Choice

A product-market is one in which

• A) products from different industries compete for customers by trying to satisfy the same basic need.
• B) price is the determining factor in deciding which brand to buy.
• C) all of the customers want the exact same product but will consider a substitute if their preferred brand is not available.
• D) one seller has a monopoly and there is no competition.
• E) None of these alternatives is true.

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Definitions:

Social Network Site

An online platform that enables users to create a public profile and interact with other users on the site.

Brand

A name, term, design, symbol, or any other feature that identifies one seller's goods or service as distinct from those of other sellers.

Customer Service

The assistance and support provided by a company to those people who buy or use its products or services.

Social Media

Platforms that allow individuals to generate and distribute content or engage in networking social activities online.