Final answer:
Private-label products are goods produced by one company for sale under another company's brand, often seen as a more affordable alternative to national brands.
Step-by-step explanation:
Private-label products are those manufactured or provided by one company for offer under another company's brand. These are often considered alternatives to national brands, and are commonly found in a variety of retail stores. They are also known as store brands or own brands, and they tend to be sold at a lower price point than their well-known counterparts. For example, a supermarket might sell its own private-label cereal alongside more established, nationally recognized brands. As a result, consumers benefit from lower prices and more options, leading to increased competition in the market.
When considering the provided options, none directly defines a private-label product. However, monopolistic competition, mentioned in the reference text, describes a scenario where private-label products might thrive, given that firms compete with different styles, flavors, or brand names, creating a mixture of a mini-monopoly and competition.