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Monopolistic competition is a type of imperfect competition such that many producers sell products that are differentiated from one another (e.g. by branding or quality) and hence are not perfect substitutes.
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Monopolistic competition is a type of imperfect competition such that many producers sell products that are differentiated from one another (e.g. by branding or quality) and hence are not perfect substitutes.
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In the real world, only monopolistic competition exist. Perfect competition is very rare in today's' world. It is a combination of monopoly & perfect competition. No products are perfectly homogeneous to each other in this market condition.
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Monopolistic competition is a type of imperfectcompetition such that many producers sell products that are differentiated from one another (e.g. by branding or quality) and hence are not perfect substitutes.

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Monopolistic competition is a type of imperfect competition in which many producers sell products that are differentitated from each other either in terms of brand or quality. 

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In simple words, monopolistic competition refers to a market situation where there are many sellers of a commodity, but the product of each seller differs from each other.

No seller can have any perceptible influence on the price output policies of the other seller nor can he be influenced by their action. Thus, product differentiation is the hall mark of the monopolistic competition.

The product differentiation manifests itself in several ways like difference in product brand, difference in trade mark, difference in quality and colour etc. 

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monopolistic competition is basically the combination of two markets i.e monopoly and perfect competitive market. perfect competitive in the sense that there are large no. of firms or sellers ,and monopoly in the sense that firms may have similar products but not identical, each having the particular product of different brand. so they have monopoly in their brands. example colgate, pepsodant etc

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Many firms selling similar products but not identical. For example toothpaste soaps etc

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