Corn syrup and sugar are: Multiple Choice: used almost interchangeably, so they

Question

Corn syrup and sugar are:

Multiple Choice:

used almost interchangeably, so they are really competing in the same market

b) are close substitutes, but because table sugar is often used in homes and corn syrup is not, they compete in different markets

c) are not close substutes, corn syrup is used commercially, while sugar is used in homes, and are thereofore not in the same market.

d) are only considered to be in the same market if shipping costs are identical.

used almost interchangeably, so they are really competing in the same market

b) are close substitutes, but because table sugar is often used in homes and corn syrup is not, they compete in different markets

c) are not close substutes, corn syrup is used commercially, while sugar is used in homes, and are thereofore not in the same market.

d) are only considered to be in the same market if shipping costs are identical.

Explanation / Answer

b) are close substitutes, but because table sugar is often used in homes and corn syrup is not, they compete in different markets

Although the goods function the same way, their use is made by different type of consumers, thereby not making them exact substitutes, but close substitutes.

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