Monopolistic competition
In economics, monopolistic competition is a market type in which many firms compete by selling similar, but slightly different products.
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Expanded Definition
Think soft drinks. Many types, differing only in flavor and packaging, of what is, essentially, flavored, carbonated, sweetened water.
Firms in this market spend a lot of money on advertising, trying to impress the differences of their products upon the buyers and building the brand.
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- Antitrust
- Competition
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- Law of supply and demand
- Monopoly
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