click below
click below
Normal Size Small Size show me how
Micro Ch 10a
Stack based on Chapter 10 of Principles of Microeconomics 3e
Term | Definition |
---|---|
differentiated product | a product that consumers perceive as distinctive in some way |
imperfectly competitive | firms and organizations that fall between the extremes of monopoly and perfect competition |
monopolistic competition | many firms competing to sell similar but differentiated products |
product differentiation | any action that firms do to make consumers think their products are different from their competitors' |