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This is a class question that needs to be answer with at least 150 words. I would like it explain in your own words, but if not please cite-in-text with reference. No Plagiarism
One of the important qualities of a monopolistic competition is product differentiation and advertising. Product differentiation makes its product different from the other competitive firms. Firms try to achieve this by making a key change to its product and letting the consumers know that their product has this distinct quality or characteristic. Firms inform/publicize this distinction usually through advertising. I am sure you have seen this in may product advertisements. How does this product differentiation affect the firms output, prices and profits?
Any thoughts or comments? Do product your employer fits into this criteria?
Explanation & Answer
Attached.
Running head: PRODUCT DIFFERENTIATION
Product Differentiation
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2
PRODUCT DIFFERENTIATION
Product Differentiation
According to Davcik & Sharma (2015), product differentiation is essential in
monopolistic competition as it distinguishes firm’s products from those of co...
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