Product differentiation is a feature of _________.

perfect competition

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monopoly

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monopolistic competition

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(B) and (C)

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Solution

The correct option is D monopolistic competition
Monopolistic competition is a market structure where there are large number of sellers selling differentiated products. There is also no barriers to entry. Every body can fix the price as per their choice. Hence, product differentiation is a feature of monopolistic competition.

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Similar questions

Which of the following is not a feature of perfect competition ?

(a) Large no. of buyers

(b) Free entry and exit

(d) Differentiated products

State and explain a few features about perfect competition.

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