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.