What is Monopolistic Competition? Definition and Meaning

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Monopolistic competition:

in 1933, a Harvard university professor, Edward chamberlain” published his book, “the theory of monopolistic competition” in which he define monopolistic competition as:Monopolistic-Competition

Definition of Monopolistic

 “A market model with freedom of entry and large number of firms that produce similar but slightly differentiated products, advertisement being the principal tool for differentiating the products”.

There are various goods like soap, cloth, & toothpaste, which are produced under monopolistic competition.

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