In which market structures is there product differentiation?

Question

Quizplus · Accepted Answer

In monopolistic competition, firms differentiate their products through branding, packaging, and marketing, while in an oligopoly, firms differentiate through product innovation, technological advancements, and marketing strategies. In perfect competition, there are no barriers to entry, and products are homogenous, while in a monopoly, there is only one supplier of the product, and hence no product differentiation. Thus, the market structures that have product differentiation are monopolistic competition and oligopoly, making choice B the correct answer.

In Which Market Structures Is There Product Differentiation