Question

The highest degree of product differentiation is found in which of the following types of market structures?

a

monopolistic competition
b

oligopoly
c

monopoly
d

perfect competition

Answer 1

[AI-generated answer — Bot]

a. monopolistic competition

Answer 2

[AI-generated answer — Step-by-Step Bot]

The highest degree of product differentiation is found in the market structure of a) monopolistic competition. In monopolistic competition, there are many firms in the market, each producing slightly different products. This allows firms to differentiate their products through branding, advertising, and other means in order to attract customers.