The market for novels is

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The market for novels is monopolistically competitive. While there are many different novels available to consumers, each novel is slightly differentiated from the others (in terms of genre, writing style, plot, etc.), allowing publishers to exercise some control over the prices they charge. Additionally, barriers to entry in the market (such as the need for authors to secure a publishing deal) mean that a few large publishers dominate the market. However, because consumers have a wide variety of novels to choose from, individual publishers cannot exert the level of control over prices that a monopoly or oligopoly would be able to.

The Market for Novels Is