Differentiate between product differentaition, price discrimination, and selling cost? (6 marks) URGENT

Dear Student,
Product differentiation is the different features between the products. Product differential means the ability to differentiate between the various products which are close substitutes of each other.
Price discrimination is charging different prices from the different customers. This is possible when consumers do not have full knowledge about the market. In monopoly, price discrimination is possible.
Selling cost refers to the cost which is involved in selling any product. This includes advertising cost. The firms having more competition have to incur huge selling costs. Monopolist firms have to incur huge selling cost.

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