Download App

Market Equilibrium — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsMarket Equilibrium1 Mark
Question
What is product differentiation?
✓

Answer

It is a situation where different producers in the market try to differentiate their product with a view to attract the buyers and be able to exercise partial control over price.

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "1 Marks Question" from Market Equilibrium→Market Equilibrium — all question types→Economics STD 11 Commerce question papers→CBSE Board STD 11 Commerce question papers→CBSE Board question paper generator→

Similar questions

What are the assumptions of the law of variable proportion?
→
What is the relation between marginal cost and average cost when average cost is rising?
→
If demand is elastic, how will an increase in price affect the total revenue? Explain.
→
State the law of supply.
→
What is meant by change in quantity supplied?
→
What are the shapes of marginal revenue curve and average revenue curve under perfect competition?
→
What changes will take place in MR, when
  1. TR increases at an increasing rate.
  2. TR increases at a diminishing rate.
  3. TR increases at a constant rate.
→
What is price-maker firm?
→
What is meant by zero elastic supply?
→
How is equilibrium price affected by decrease in demand?
→