Another way of defining markets, this time in more refined terms. The definitions of these terms can be found in Chapter 3. Of course, you answered c), but did you try other terms before? If you're not entirely certain of why you chose this answer, check the definitions.

9.    A market in which sellers offer various close substitute ways of satisfying the market's needs is called a:

a)    generic market.
A generic market is wider in scope and contains all the products and services that will satisfy a generic need, such as transportation, food, etc.

b)    relevant market.
Is a term that does not mean a lot.

c)    product-market.
Is a sub-market of a generic market; for instance, in transportation - which is a generic market - we can look at personal motorized transportation, which then leads to the product-market of cars or motor bicycles.

d)    central market.
I think there is one in Montreal, located close to the Metropolitan highway and l'Acadie...

e)    homogeneous market.
A what?

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