Product Differentiation

Victor J. Tremblay and Carol Horton Tremblay
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Victor J. Tremblay: Oregon State University
Carol Horton Tremblay: Oregon State University

Chapter Chapter 7 in New Perspectives on Industrial Organization, 2012, pp 163-175 from Springer

Abstract: 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.

Keywords: Vertical Differentiation; Unit Demand; Horizontal Differentiation; Covered Market; Marginal Consumer (search for similar items in EconPapers)
Date: 2012
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DOI: 10.1007/978-1-4614-3241-8_7

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