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Author Question: What is product differentiation? What market structure is characterized by product differentiation? ... (Read 59 times)

silviawilliams41

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on: Jun 29, 2018
What is product differentiation? What market structure is characterized by product differentiation?
 
  What will be an ideal response?

Question 2

In the figure above, consumer surplus at the price that maximizes the profit for an unregulated, single-price monopolist is the area of
 
  A) rectangle 0heb.
  B) triangle abe.
  C) triangle eig.
  D) rectangle 0hgd.


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Anonymous

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A firm practices product differentiation if it makes a product that is slightly different from the products of competing firms. A differentiated product has close substitutes, but not perfect substitutes. Product differentiation is a distinguishing feature of monopolistic competition.

Answer to Question 2

B


silviawilliams41

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Reply 2 on: Jun 29, 2018
Wow, this really help

tkempin

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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