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Differentiated product
1. A firm's product that is not identical to products of other firms in the same industry. Contrasts with homogeneous product. 2. Sometimes applied to products produced by a country, even though there are many firms within the country whose products are the same, if buyers distinguish products based on country of origin. This is called the Armington assumption.
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- Part of Speech: noun
- Synonym(s):
- Blossary:
- Industry/Domain: Economy
- Category: International economics
- Company: University of Michigan
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