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Differentiated Products is a Characteristic Of: (Choose the Correct Alternative) - CBSE (Arts) Class 12 - Economics

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Question

Differentiated products is a characteristic of: (Choose the correct alternative):

(a) Monopolistic competition only

(b) Oligopoly only

(c) Both monopolistic competition and oligopoly

(d) Monopoly

Solution

The correct option is (c). All firms in a monopolistic competitive market and oligopoly market sell a product which is not a perfect substitute but a close substitute of each other. Hence, the characteristic of a differentiated product prevails under both forms of market.

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Solution Differentiated Products is a Characteristic Of: (Choose the Correct Alternative) Concept: Main Market Forms.
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