Practice free →
HomeAP MicroeconomicsEconomicsMonopolistic Competition and Oligopoly › Products can be differentiated by physical featu…

Products can be differentiated by physical features, location, intangible qualities and:

ARandom assignment
BAccounting method
CConsumer perception
DGovernment decree
Answer & Solution
Correct answer: C. Consumer perception
1. Differentiation need not be a difference a laboratory could measure. 2. Products are distinguished in several ways before being called differentiated. 3. Perception is one of those ways, alongside physical features, location and intangible qualities. 4. We call products that are distinctive in one of these ways differentiated products. _Source: OpenStax Principles of Microeconomics for AP(R) Courses 2e (CC BY 4.0), Ch 10 'Monopolistic Competition and Oligopoly', sections 10.1-10.2_
Solve this in the app — AP Microeconomics practice & 24k+ MCQs →
Related questions