In Which Market Structures Is There Product Differentiation

question 241

Multiple Choice

In which market structures is there product differentiation?

• A) perfect competition and monopolistic competition
• B) monopolistic competition and oligopoly
• C) oligopoly and monopoly
• D) perfect competition and monopoly

---

Definitions:

Meritocracy

A system where individuals achieve success or are given opportunities based on their abilities and merits rather than on their social status or background.

Stratification

The hierarchical arrangement and classification of society into different layers based on socioeconomic status, race, ethnicity, or other distinguishing factors.

American Dream

The conviction that, irrespective of one's birthplace or social class, it is possible for individuals to achieve their unique form of success in a community where everyone has the opportunity for upward social movement.

Social Conflict Theory

A sociological perspective that views society as composed of groups competing for scarce resources, emphasizing the role of power and coercion in producing social order.