// Let's find out if we have taxonomy information to display
				// Something to build our output in
				$taxo_text = '';   

				// Variables to store each of our possible taxonomy lists
				// This one checks for a Product Category classification
				$prodcat_list = get_the_term_list( $post->ID, 'product_category', '', ', ', '' );

				// Add Product Category list if this post was so tagged
				if ( '' != $prodcat_list )
				$taxo_text .= $prodcat_list;

This code only builds the list. It displays just one term if there is only one, or a comman separated list if there is more than one term.

output: <?php echo $taxo_text; ?>