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Identify and describe a specific good or service that has been differentiated by a firm that sells that good or service as a Monopolistic Competitor

Identify and describe a specific good or service that has been differentiated by a firm that sells that good or service as a Monopolistic Competitor or Differentiated Oligopoly. You should also provide a brief market analysis that includes the state of the market before and after the differentiation, as well as the observed changes that resulted. Specifically, the following questions should be addressed:

  • What type of market structure was the product or service in when the differentiation occurred?
  • What was the differentiation? Describe specifically what the differentiation was and tell us what that means for rational business price and production decisions.
  • What was the observed change in the equilibrium price in the market for that product?
  • Evaluate whether the decision to differentiate the product was a good move for that business at that time.

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