Price discrimination is different prices that are charged by the monopolist for the same product. Example; there are differences in price that is charged by a doctor from rich and poor.
Product differentiation is used by the companies in marketing campaigns to distinguish their product from other similar products in the market. This strategy focuses on real product differences .example:
The difference in the product based on brand, wrapper, etc.
they are price takers. There are numerous firms in the market for the same commodity, a consumer has many options while purchasing.
In a competitive market, there are many firms so the contribution of a single is minimal. A single firm cannot influence the entire market just by itself, so the firms have no other choice than to be risk-takers.
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