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Question
Differentiated products is a characteristic of ______.
Options
Monopolistic competition only
Imperfect oligopoly only
Both monopolistic competition and imperfect oligopoly only
Monopoly
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Solution
Differentiated products is a characteristic of monopolistic competition and imperfect oligopoly only.
Explanation:
Differentiated products are seen in both monopolistic competition and imperfect oligopoly. Monopolistic competition occurs when firms sell similar but not identical items, allowing for product differentiation. In an imperfect oligopoly, firms distinguish their products in order to compete with one another, whereas, in a pure oligopoly, products are uniform.
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