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प्रश्न
Define product differentiation.
Define the following concept.
Product Differentiation
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उत्तर १
Product differentiation refers to differentiating the products on the basis of brand, size, color, shape, etc.
उत्तर २
According to Chamberlin, “A General class of product is differentiated if any sufficient basis exists for distinguishing the goods of one dealer from those of another. Such a basis may be real so long as it is of importance whatsoever to buyers and leads to a preference for any variety of the product over another”.
संबंधित प्रश्न
Define Discriminating Monopoly.
Explain three features of Perfect competitive market.
Which one of the following is NOT found in a perfectly competition market?
Products sold by each firm in a perfectly competitive market are perfect substitutes of each other.
A holiday resort in a remote village is very popular among the tourists. Since the connectivity is very poor with the outer world, the owner employs the local villagers for the functioning of the resort.
This is a case of:
Define perfect competition.
Producers in a monopoly are price makers. Briefly explain.
Give an example of monopsony.
To which market is product differentiation relevant?
State the advantage of monopolistic competition over monopoly.
Highlight the importance of selling costs in a monopolistically compatible market.
State the market form of the following commodity.
Shampoos
Give an example of price discrimination.
Which type of market structure is the following? Give reason.
Trucks
Which type of market structure is the following? Give reason.
Mobile phone services
What induces new firms to enter an industry?
Name the market which has characteristics both of monopoly and perfect competition.
What does perfectly elastic demand curve faced by a competitive firm indicate?
Why an individual firm under perfect competition cannot influence the market price?
