Explore how firms in monopolistic competition differentiate their products or services to generate a market niche and gain more control over their pricing.
To what extent can product differentiation create barriers to entry?
How can product differentiation help firms to increase their short-run profits?
Give an example of a firm in monopolistic competition, and discuss the strategies used by the firm to differentiate itself and perhaps earn economic profits in the short run.
Make sure to ask your peers engaging questions and extend the conversation. Give specific real-world examples in your post.