An industry that has many firms producing a differentiated product would be classified as

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In a monopolistically competitive industry, there are many firms producing similar but differentiated products. This means that although there is competition, each firm has some control over the price they charge due to the uniqueness of their product. Perfectly competitive industries have homogeneous products and no control over price, while monopolies have no competition at all.

An Industry That Has Many Firms Producing a Differentiated Product