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Definitions:
Product Differentiation
Product differentiation is the process of distinguishing a product or service from others, to make it more attractive to a particular target market.
Demand Curves
Graphical representations showing the relationship between the price of a good and the quantity demanded at those prices, usually downward sloping.
Marginal Revenue
The change in total revenue that results from the sale of 1 additional unit of a firm’s product; equal to the change in total revenue divided by the change in the quantity of the product sold.
Monopolistically Competitive
A market structure in which many companies sell products that are similar but not identical.
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