Monopolistic Competition

Definition

Monopolistic competition refers to a market structure where there are many sellers offering differentiated products that are similar but not identical. Each firm has some degree of control over its own pricing.

Related terms

Product Differentiation: Product differentiation refers to making your product appear distinct from others in order to attract customers in monopolistic competition.

Branding: Branding involves creating a unique image and identity for your product or company through marketing strategies.

Non-price Competition: Non-price competition occurs when firms compete based on factors other than price, such as quality, branding, advertising, or customer service.