monopolistic competition
Pronunciation
Noun
B2 Upper-intermediate
Quick answer
A market structure with many sellers offering similar but not identical products, each with some ability to set its own price.
Test yourself
Which word fits the gap? "Restaurants operate under _____, competing on taste and atmosphere rather than offering identical meals."
Answer: monopolistic competition
In your own words, what does "monopolistic competition" mean?
A market structure with many sellers offering similar but not identical products, each with some ability to set its own price.
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