Producing a differentiated product occurs in which of the following industries?

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Quizplus · Accepted Answer

Monopolistic competition and oligopoly are the two industries where firms produce differentiated products. In monopolistic competition, firms produce products that are slightly different from their competitors and use marketing strategies to distinguish them. In oligopoly, firms produce products that are differentiated based on quality, features, and innovation to increase their market power and profitability. Perfect competition, on the other hand, is an industry where firms produce homogeneous products, and differentiation is not possible.

Producing a Differentiated Product Occurs in Which of the Following