Product differentiation in monopolistic competition implies that
Answer Details
Product differentiation in monopolistic competition implies that the same type of product is available in different forms, which means that firms produce goods that are slightly different from each other in terms of quality, design, packaging, or branding to make their products unique and attractive to consumers. This creates a situation where each firm has some degree of market power to set its own price based on the perceived differences in the product, but there is still some competition among firms. Different buyers may pay different prices for different products based on their preferences for the particular product features. Therefore, the correct option is "the same product is available in different forms".