Industrial Economics-Product Differentiation and Market Concentration (IEcoS (Economic Services) Economics Paper-3): Questions 1 - 1 of 1

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Question number: 1

» Industrial Economics » Product Differentiation and Market Concentration

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Appeared in Year: 2012

Essay Question▾

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Write a short note on Types of product differentiation.

Explanation

Product differentiation is that the firms do not produce homogeneous products but differentiated one, which has close substitutes present in the market.

  • It is a very important feature of monopolistic competition and oligopoly.

  • Product differentiation is of two types: horizontal and vertical differentiation.

  • Horizontal differentiation

… (147 more words) …

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