Product Differentiation

Multiple Choice

Product differentiation:

A) refers to the attempt of firms to make their products look like those of the other firms in the industry.
B) refers to the attempt of firms to make real or apparent differences in essentially substitutable products look different in the minds of the consumers.
C) refers to the advantage big firms have in research and development.
D) is a common characteristic of a perfectly competitive market structure.
E) is only employed in a monopoly market structure.