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What Is Monopolistic Competition: Definition, Features, Examples, Diagrams

Monopolistic competition is a type of industry market in which many enterprises sell differentiated products (unique in their industry and have some qualities that consumers value), as well as exercise control over the price of the goods they produce.

The term “monopolistic competition” and the description of this market model were introduced by Edward Hastings Chamberlain in his work “The Theory of Monopolistic Competition” in 1933.