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Monopolistic competition is a market structure that combines elements of both perfect competition and monopoly, exhibiting unique characteristics that distinguish it from other market forms. One of the primary features is the presence of a large number of sellers, each offering products that are similar but not identical. This differentiation can be based on quality, brand, features, or customer service, giving firms some degree of _______ ________ _____ _______ __________ _________ ___.
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