Businesses who sell highly differentiated products and charge different prices, are said to be operating in a C. Monopolistic competition.
When a large number of businesses provide rival goods or services that are comparable but imperfect alternatives, monopolistic competition exists.
A monopolistic competitive industry has minimal entry requirements, and decisions made by any one firm do not immediately affect those of its rivals. The price and marketing choices made by the rival companies serve as their points of differentiation.
None of the businesses has a monopoly, and they all run their own businesses without taking into account what other businesses are doing. The way the market is set up results in a type of unfair competition.
In such a market therefore, the best way to make profit is to make highly differentiated products for sale, which will then allow for these products to be sold at different prices.
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