Monopolistic competition is a market structure in which:

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Monopolistic competition refers to a market structure where there are many firms that sell differentiated products. This means that the products sold in this market are similar but not identical, giving each firm some degree of market power. As a result, they compete on various aspects such as quality, branding, marketing, and price, but not to the extent that they become perfect substitutes. There are no significant barriers to entry or exit, so new firms can easily enter the market, creating increased competition.

Monopolistic Competition Is a Market Structure in Which