Question

product differenciation in monopolastic competition
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Answer 1

In Monopolistic Competition, a buyer can get a specific type of product only from one producer. In other words, there is product differentiation. The firms have to incur selling expenses since there is product differentiation. ... Therefore, no firm can produce a better quality product at a lower average cost.

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Answer 2

Answer:

In Monopolistic Competition, a buyer can get a specific type of product only from one producer. In other words, there is product differentiation. The firms have to incur selling expenses since there is product differentiation. ... Therefore, no firm can produce a better quality product at a lower average cost.