1. Monopolistic Competition
... the products of different hairdressers are not perfect substitutes. At the very least, their services are differentiated by location. A hairdresser in Miami Downtown is not a perfect substitute for a hairdresser in city of Aventura although they may be good substitutes from the point of view of ... product differentiation. That's because the boundaries of the industry become much more indefinite when we talk about product differentiation. A hairdresser in Miami Downtown and another in Aventura may be pretty close substitutes, but the Miami hairdresser's service will be a very poor substit...
- Word Count: 2236
- Approx Pages: 9
- Has Bibliography