Characteristics of Monopolistic Competition

Monopolistic competition is a market structure that blends elements of both monopoly and perfect competition. In this type of market, numerous firms sell similar but differentiated products, allowing them to have some degree of market power.

1. Many Sellers: A monopolistically competitive market has a large number of firms, each holding a small market share. There is no dominant firm in the ____ ____ _________ __________ ________ ______ _________ _______ ___ _____.
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