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Product differentiation is a key element of the monopolist competition model. Provide some real-world examples of...

Product differentiation is a key element of the monopolist competition model. Provide some real-world examples of how firms differentiate their products. Do you think that consumer always benefit from product differentiation?

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Answer #1

Price discrimination refers to charging the different price for the different group is generally based on capturing the market.or consumer welfare viewpoint.

Example, Doctors generally charges higher fees for the rich patient and lower for the poor patient is based on the emotional ground. Likewise, Railway departments charge the different price for the compartments.

The price discrimination benefits to the consumers charging the different price for similar service and goods.

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