In December 2024
Answer to Question #193321 in Macroeconomics for Dinithi
What is product differentiation? What role does it play in the determination of price under monopolistic competition? Discuss.
Firms use the differentiation to tell buyers why their product's quality and price combination is better than their competitors. In Monopolistic Competition, a firm is not a price-taker and its demand curve has an inverse relationship with the price of the product.
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#340153 on Dec 2023
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