as new firms enter a monopolistically competitive market, profits of existing firms' question 28 options: decline, and product diversity in the market increases
Adding a new feature, a new sibling or a new product to an already existing product line are all examples of product diversification. As you expand to a new area, it may also include selling an old product under a new name.
Product diversification can take place at the corporate level or at different business levels. It is a tactic used by an organization to enter a new market where it already has a presence on a professional level. At the corporate level, it alludes to branching out into a new market beyond the purview of the firm's current offerings.
Product diversification makes the best use of the resources that are at hand.
Product diversification supports several investments, allowing losses from any one investment to be more fully absorbed.
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