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Monopolistic Competition - A monopolistic competition, simply refers to and epitomizes a market structure with many sellers, each making their own distinctive product(s), specialties. A monopoly of sorts, where they each set their own pricing/costing and determinations of how many to produce, being too small in quantities to affect other producers in the industry. Many firms are selling the same or similar products, with no significant barriers to market-entry for more or newcomers, other competitors. Products can not be substituted with one another, high supply and demand prominent and prevalent. In essence it is a common market structure , with many competing producers.
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