explain the implication of product differentiation under monopolistic competition

Product differentiation refers to variations and diversification in products by different firms such as variation in size, type, structure, quality etc. The basic product remains the same. However there are variations in quality by firms.
Implication is that firms will be able to charge different prices for their products due to the variation in design and shape. By offering better design and quality, the suppliers can attract consumers to their brand. Buyers are willing to pay different prices for the same product and firms can influence market price of the product.
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