Business Economics; Product differentiation is an important feature of perfect competition. Ans: Incorrect Product differentiation is not a characteristic feature of perfect competition rather it is characterized by homogeneous products. Product differentiation implies differentiation between various products on the basis of difference like brand name, colour, shape etc. Product differentiation is a key feature of monopolistic competition.
Posted on: Thu, 11 Sep 2014 10:17:37 +0000
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