A monopolistically competitive industry combines elements of both competition and monopoly. The monopoly element results from "product differentiation".
Product differentiation is the way toward recognizing an item or administration from others. This includes itemizing the qualities that are esteemed by clients that make it interesting. At the point when used effectively, product differentiation makes an upper hand as clients see your item as predominant. You may likewise hear it alluded to as the one of a kind moving suggestion, which is the demonstration of publicizing or conveying your product differentiation.
