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- DictionaryMonopolistic competition
noun
- 1. another term for imperfect competition
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noun
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Imperfect competition of differentiated products that are not perfect substitutes
Monopolistic competition is a type of imperfect competition such that there are many producers competing against each other but selling products that are differentiated from one another (e.g., branding, quality) and hence not perfect substitutes. In monopolistic competition, a company takes the prices charged by its rivals as given and ignores the impact of its own prices on the prices of other co... Wikipedia