Product Differentiation distinguishes Monopolistic competition from all other market structures.
What is Product Differentiation?
- Product differentiation is what makes your product or service stand bent your target audience. It's the way of distinguishing what you sell from what your competitors do, and it increases brand loyalty, sales, and growth.
- For a good start to successful product differentiation, one should focus on customers.
What is meant by monopolistic competition?
- When many companies offer competing products or services that are similar, but not perfect, substitutes, it is known as Monopolistic competition.
- The barriers to entry during a monopolistic competitive industry are low, and therefore the decisions of any one firm do not directly affect its competitors.
To learn more about Monopolistic Competition: https://brainly.com/question/28189773
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