Use app×
Join Bloom Tuition
One on One Online Tuition
JEE MAIN 2025 Foundation Course
NEET 2025 Foundation Course
CLASS 12 FOUNDATION COURSE
CLASS 10 FOUNDATION COURSE
CLASS 9 FOUNDATION COURSE
CLASS 8 FOUNDATION COURSE
0 votes
412 views
in Economics by (49.5k points)
closed by

What is meant by product differentiation? To which market is it relevant?

1 Answer

+1 vote
by (46.2k points)
selected by
 
Best answer

Product differentiation implies that a consumer perceives products of different producers as not being totally identical and as such less than perfect substitutes. The producers try to reinforce this impression by giving separate brand names and making use of such trade practices as packaging, colour, design, advertisement etc. Product differentiation is relevant to monopolistic competition.

Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. Students (upto class 10+2) preparing for All Government Exams, CBSE Board Exam, ICSE Board Exam, State Board Exam, JEE (Mains+Advance) and NEET can ask questions from any subject and get quick answers by subject teachers/ experts/mentors/students.

Categories

...