Question: Product differentiation is the main difference between perfect competition and monopolistic competition. Discuss what product differentiation is, and why companies try to differentiate their products.

Product differentiation is the main difference between perfect competition and monopolistic competition. Discuss what product differentiation is, and why companies try to differentiate their products. Provide an example (and explanation) of a product or service that operates in a monopolistic competition environment. How do the specific companies in your example differentiate their products? Provide a specific example of things they have actually done or are doing to differentiate their product.

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