Product differentiation in monopolistic competition
Dear Student
Differentiated Product- The product of a monopolistic firm is differentiated from the product of the other firm but both are close substitute for each other. In other words, the products of different firms are slightly different from that of the others, but nevertheless; they are close substitutes. The product differentiation is achieved through brand name and trade mark by the way of advertisements.
Regards
Differentiated Product- The product of a monopolistic firm is differentiated from the product of the other firm but both are close substitute for each other. In other words, the products of different firms are slightly different from that of the others, but nevertheless; they are close substitutes. The product differentiation is achieved through brand name and trade mark by the way of advertisements.
Regards