Question

A generic market Multiple Choice a. often includes consumers who will satisfy the same need in quite different ways. b. often involves sellers who compete in different product-markets. c. has customers with broadly similar needs. d. often includes sellers who offer diverse ways of satisfying a need. e. has all of these characteristics.

Answer 1

Answer:

e. has all of these characteristics.

Explanation:

A generic market has the characteristic of fulfilling similar needs in number of manners for the customers.

In this manner the ultimate goal of different customers, which is same is achieved by this market.

As for example in the season of winters, the ultimate goal is to feel warm,

For this, some producers or sellers offer, hot cup of coffee, or soup, and some might offer air warmers for the house, some might offer to buy jackets!

Ultimately there are different customers with common goal, but different needs, and different suppliers fulfilling common needs.

Thus, all of the above statements are true about generic market.