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Question
State whether the following statement is True or False.
Product differentiation is the most distinguishing feature of monopolistic competition.
State whether the following statement is True or False.
Product differentiation is the most distinguishing feature of monopolistic competition.
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Solution
The correct option is A True
A
distinguishing feature of the monopolistic competition is the product
differentiation. Product differentiation refers to a situation when the buyers
of the product differentiate the product with other. Basically, the products of
different firms are not altogether different; they are slightly different from
others. Although each firm producing differentiated product has the monopoly of
its own product, yet he has to face the competition.
A distinguishing feature of the monopolistic competition is the product differentiation. Product differentiation refers to a situation when the buyers of the product differentiate the product with other. Basically, the products of different firms are not altogether different; they are slightly different from others. Although each firm producing differentiated product has the monopoly of its own product, yet he has to face the competition.
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