Conclusion
Monopolistic competition is a distinct market structure in which
numerous businesses compete for customers by offering similar but
differentiated products. Additionally, these companies do not have a
monopoly because they operate independently of one another. Several
distinguishing characteristics of monopolistic competitions include the
following: a large number of firms, firms that produce similar but
differentiated products and are not price takers, market entry and exit
freedom, and competition among firms based on price, quality, and
marketing of products.