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Question
Product differentiation is a distinguishing feature of which form of the market?
Options
Perfect competition
Monopoly
Oligopoly
Monopolistic competition
MCQ
Solution
Monopolistic competition
Explanation:
Monopolistic Competition Characteristics:
- A large number of businesses,
- Product differentiation,
- Free entry and departure of businesses,
- Selling Cost
- Sales methods,
- Non-price competition
- Consumer attachment,
- Absence of collective action
- A company's pricing policy,
- The knowledge that isn't flawless.
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Market Demand
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