Commodity or product differentiation is found in which market?
(A) Perfect Competition Market
(B) Monopoly Market
(C) Imperfect Competition Market
(D) No option is correct
Correct Answer : Imperfect Competition Market
Question Asked : SSC Junior Engineer (Civil) Exam 2018
Explanation : Under imperfect competition, there are large number of buyers and sellers. Each seller can follow its own price-output policy. Each producer produces the differentiated product, which are close substitutes of each other. Thus, the demand curve under monopolistic competition is highly elastic.
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