The restaurant, clothing industries, and legal assistance are each illustration of monopolistic competition.
Monopolistic competition occurs in industries when many companies offer competing services or products that are similar, but not perfect substitutes. The entrance of any firm into monopolistic competition does not have a direct effect on its competitors. With the decision of any firm to enter monopolistic competition, the firm usually encounters low barriers.
In monopolistic competition, companies provide almost the same type of products and services, and demand elasticity is very high for these goods and services. In order to differentiate their products from one another , the companies use different pricing and marketing strategies that are suitable for them.
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