The Main Difference Between a Generic Market and a Product-Market

question 74

Multiple Choice

The main difference between a generic market and a product-market is that:

• A) a generic-market involves a less similar set of needs than does a product-market.
• B) a product-market is usually larger than a generic market.
• C) product-markets usually don't involve competition, but generic markets do.
• D) sellers in a generic market are more concerned with prices than sellers in a product-market.
• E) There is no difference between the two.

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Definitions:

Triarchic Theory

A theory proposed by Robert Sternberg that intelligence consists of three components: analytical, creative, and practical intelligence.

Componential

In the context of intelligence theories, componential refers to the analytical aspect of intelligence which encompasses the ability to analyze, evaluate, and compare information.

Experiential

Relating to or derived from experience; emphasizing the importance of personal experience in the acquisition of knowledge.

Contextual

Pertaining to or depending on the context of a situation, event, or concept, affecting its understanding and interpretation.