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Product Differentiation

In: New Perspectives on Industrial Organization

Author

Listed:
  • Victor J. Tremblay

    (Oregon State University)

  • Carol Horton Tremblay

    (Oregon State University)

Abstract

In our discussion of monopolistic competition in the previous chapter, competing firms produced differentiated products. This occurs when firms sell products that vary slightly from one brand to another. Two loaves of wheat bread may be the same in every way except that one is thin sliced and the other is thick sliced. Although a Mazda Miata and Porsche 911 are both sports cars, they differ in terms of style, power, and fuel economy. This is in contrast to perfectly competitive markets, where products are perfectly homogeneous.

Suggested Citation

  • Victor J. Tremblay & Carol Horton Tremblay, 2012. "Product Differentiation," Springer Texts in Business and Economics, in: New Perspectives on Industrial Organization, edition 127, chapter 0, pages 163-175, Springer.
    • Handle: RePEc:spr:sptchp:978-1-4614-3241-8_7
    DOI: 10.1007/978-1-4614-3241-8_7
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