Characteristics of Monopolistic Competition

Monopolistic competition is a market structure characterized by the presence of many firms that sell differentiated products. The key characteristics are as follows:

1. Large Number of Firms: There are many firms competing in the market, though fewer than in perfect competition. Each firm has a relatively small market share.

2. Product Differentiation: Each firm offers a product that is slightly different from _____ __________ ________ __________ __________ ______ ________ ________ _________.
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