Under monopolistic competition there

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Monopolistic competition refers to a market structure in which there are many firms producing differentiated goods and services, which means they are not perfect substitutes for each other. This leads to a certain degree of market power for each firm as they can differentiate their products and charge a slightly higher price than their competitors. Thus, option D is the correct choice. Option A is incorrect because monopolistic competition involves product differentiation, which means there is no standardization. Option B is incorrect because perfect price discrimination requires the ability to charge different prices for each unit of the same product, which is not possible in a monopolistically competitive market. Option C is incorrect because while there may be over-differentiation of products, this does not distinguish monopolistic competition from other market structures.

Under Monopolistic Competition There