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A. What is meant by production differentiation? What does this result in imperfect competition? B. How...

A. What is meant by production differentiation? What does this result in imperfect competition?
B. How can international trade be based on product differentiation?

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Answer #1

A) Product differentiation means goods are mostly similar but there is a minute difference in goods. Thus goods are very closely related or closely substitutes to each other product differentiation is a characteristics of monopolistic competition.However this doesnot comes in perfect competition because in perfect competition goods are homogenous and there are no close substitutes available

b) Since goods are different due to which a country can have trade in the same good which they produce.

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