Question

How much product differentiation would smart phones use to market their product? and In which market...

How much product differentiation would smart phones use to market their product?

and In which market structure would smart phones experience the lowest overall profits? the highest?

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Answer #1

The product differentiation strategy is followed by the firm to increase the demand for the product. The product differentiation makes the product uniques and buyers see the rise in the utility on buying such product . Hence here the demand for the smartphone shall rise on following the product differentiation strategy.

The profit is minimum under the perfectly competitive market. While the profit is maximized in the monopoly market structure. But the consumer surplus is low under the monopoly market structure.

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