A market structure in which there are many firms selling products that are similar but not identical is known as

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Monopolistic competition is a market structure in which there are many firms selling products that are similar but not identical. In this market structure, firms have some degree of market power to set prices, but there is also a low barrier to entry for new firms, leading to more competition. Oligopoly refers to a market structure in which there are only a few large firms dominating the market, while a monopoly refers to a market structure in which there is only one firm selling a unique product with no close substitutes. Perfect competition is a market structure in which there are many small firms selling identical products, and there is no market power for any individual firm to set prices.

A Market Structure in Which There Are Many Firms Selling