Difference between revisions of "Monopolistic competition"
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| − | Monopolistic competition is a market structure that has a large number of firms producing similar, but not identical, products. Because the products are not identical, each firm has a kind of monopoly. This market also assumes relatively easy entry into it. | + | Monopolistic competition is a market structure that has a large number of firms producing similar, but not identical, products. Because the products are not identical, each firm has a kind of [[monopoly]]. This market also assumes relatively easy entry into it. |
[[Category:Economics]] | [[Category:Economics]] | ||
Revision as of 15:12, October 7, 2007
Monopolistic competition is a market structure that has a large number of firms producing similar, but not identical, products. Because the products are not identical, each firm has a kind of monopoly. This market also assumes relatively easy entry into it.