Problem
Firms in a monopolistically competitive market depend on differentiating their products.
a. How do firms differentiate their products?
b. Aside from commodities such as gold and grain, how many homogeneous products can you name?
c. What does your answer to b suggest about market structure in the real world?
d. Does the existence of monopolistically competitive markets imply that government should intervene in these markets? (Austrian)
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.