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Business Studies

What Can Be Marketed?

A monopolisti...

Question

A monopolistic competition is defined as that market structure in which each seller produces a _______.

A

homogeneous product

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B

identical product

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C

same product

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D

differentiated product

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Solution

The correct option is C differentiated product
In a monopolistic competition, the products are close substitutes of each other due to which a monopolist is only able to maximize it's profit when the marginal cost of the firm is equal to marginal revenue of the firm.
Therefore, the producer's produces differentiated product.

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