[...] Monopolistic competition is a market structure characterized by a large number of relatively small firms. While the goods produced by the firms in the industry are similar, slight differences often exist. As such, firms operating in monopolistic competition are extremely competitive but each has a small degree of MARKET CONTROL.
In effect, monopolistic competition is something of a hybrid between perfect competition and monopoly. Comparable to perfect competition, monopolistic competition contains a large number of extremely competitive firms. However, comparable to MONOPOLY, EACH FIRM HAS MARKET CONTROL AND FACES A NEGATIVELY-SLOPED demand curve',500,400)">demand curve. [...]
Ref.: https://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=monopolistic competition
In effect, monopolistic competition is something of a hybrid between perfect competition and monopoly. Comparable to perfect competition, monopolistic competition contains a large number of extremely competitive firms. However, comparable to MONOPOLY, EACH FIRM HAS MARKET CONTROL AND FACES A NEGATIVELY-SLOPED demand curve',500,400)">demand curve. [...]
Ref.: https://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=monopolistic competition