What do economists call a market structure in which there are many firms selling products that are similar but not identical?

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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 type of market, each firm has some degree of market power, but there is still a large number of competitors, making it difficult for any one firm to have complete control over the market. Examples of industries that exhibit monopolistic competition include restaurants, clothing stores, and beauty salons.

What Do Economists Call a Market Structure in Which There