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Monopolistic competition is a market structure that lies between perfect competition and monopoly. One of its key characteristics is the presence of a large number of sellers, each producing slightly differentiated products. This differentiation can be based on quality, brand, design, or customer service, which gives each firm some degree of market power. Unlike in perfect competition, firms in monopolistic competition are not price takers; they have some control _______ __________ __________ __________ __________ _______ ______ ____ _________.
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