PRODUCT DIFFERENTIATION: Real of perceive differences among similar goods that prompt buyers to pay different prices. Product differentiation is a method used by some firms to achieve market control. The three methods of product differentiation are physical differences, perceived differences, and support services. The greater the differentiation is among products, then the more ability firms have to exert control over prices. Product differentiation is perhaps most important for market control by firms in monopolistic competition, but it also plays a role in oligopoly.

     See also | market control | monopolistic competition | oligopoly | market structure |

PRODUCT DIFFERENTIATION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: October 30, 2024].

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Government purchases by the government sector that do not depend on income or production (especially national income or gross domestic product). That is, changes in income do not generate changes in government purchases. Autonomous government purchases are best thought of as government purchases that the government sector undertake independent of income. They are measured by the intercept term of the government purchases line. The alternative to autonomous government purchases is induced government purchases, which do depend on income.

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Today, you are likely to spend a great deal of time driving to a factory outlet seeking to buy either a large, stuffed kitty cat or a cross-cut paper shredder. Be on the lookout for letters from the Internal Revenue Service.
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