monopolistic competition

Definition

A market structure in which several or many sellers each produce similar, but slightly differentiated products. Each producer can set its price and quantity without affecting the marketplace as a whole.

Use this term in a sentence

There was a lot of monopolistic competition because each of the companies sold pretty much the same type of items.

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You need to try and figure out a way to break into the monopolistic competition so that your product can get sold also.

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Our company makes a product that is expensive and hard to produce, and is therefore part of a group of four companies that largely controls our industry through the power of monopolistic competition.

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