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    Question

    What does "relevant product market" refer to

    _______________ 
    A A market consisting of products or services that are identical in characteristics and price Correct Answer Incorrect Answer
    B A market limited to luxury goods and services Correct Answer Incorrect Answer
    C A market that focuses only on services and excludes products Correct Answer Incorrect Answer
    D A market solely based on consumer preferences without considering production aspects Correct Answer Incorrect Answer
    E A market of products or services deemed interchangeable by consumers due to their characteristics and prices, and that suppliers can readily switch to in response to price changes Correct Answer Incorrect Answer

    Solution

    Section 2 Definitions: (t) "relevant product market" means a market comprising of all those products or services -- (i) which are regarded as inter - changeable or substitutable by the consumer, by reason of characteristics of the products or services, their prices and intended use; or (ii) the production or supply of, which are regarded as interchangeable or substitutable by the supplier, by reason of the ease of switching production between such products and services and marketing them in the short term without incurring significant additional costs or risks in response to small and permanent changes in relative prices.

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