An industry in which many firms produce similar products but each firm has significant brand loyalty is known as:

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Monopolistic competition is an industry in which many firms compete by producing similar but differentiated products. This differentiation can come in the form of branding, which leads to significant brand loyalty. However, there are still multiple firms in the industry, unlike a monopoly, and there is some level of competition. This is distinct from perfect competition in which there are many firms producing identical products and no brand loyalty, and from an oligopoly in which a small number of firms dominate the industry.

An Industry in Which Many Firms Produce Similar Products but Each