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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Definitions:

NAACP

The National Association for the Advancement of Colored People, a civil rights organization in the United States formed in 1909 to fight against racial discrimination.

Electoral Politics

The branch of politics that deals with elections and voting as a means for the electorate to select candidates to hold public office.

Racial Inequality

The unequal treatment or perceptions of individuals based on their race, leading to disparities in wealth, healthcare, education, and employment among other sectors.

Grandfather Clauses

Provisions that allowed individuals to bypass literacy tests, poll taxes, or other barriers to voting if their grandfathers had been eligible to vote, effectively disenfranchising many African Americans.