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Explain the following concept. Product Differentiation - Economics

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Questions

Explain the following concept.

Product Differentiation

What is meant by product differentiation?

What is product differentiation?

What do you mean by product differentiation?

Explain
Short Answer
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Solution

Product is differentiated in monopolistic competition. Products differ from each other in many ways. Product differentiation can be take place in the form of brand name and trade mark. Products may be differentiated in terms of color, size, design, taste, etc.

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Chapter 9: Forms of Market - TEST YOURSELF QUESTIONS [Page 183]

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