Asked by Rehana Shammi on Apr 24, 2024
Verified
In monopolistic competition,the primary source of product differentiation is price competition.
Product Differentiation
A marketing strategy that businesses use to distinguish their products from similar offerings in the market by varying features, branding, or quality.
Price Competition
A market situation in which companies attempt to win customers by offering lower prices than their competitors.
- Evaluate the influence of varying products on controlling the market and options for the buyer.
Verified Answer
ZK
Zybrea KnightMay 02, 2024
Final Answer :
False
Explanation :
In monopolistic competition, product differentiation is achieved through non-price factors such as branding, packaging, product features, and customer service. Price competition may occur, but it is not the primary source of differentiation.
Learning Objectives
- Evaluate the influence of varying products on controlling the market and options for the buyer.
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