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Monopolistically Competitive Industry
An industry characterized by many firms offering products or services that are similar, but not perfect substitutes, leading to competitive yet differentiated marketplaces.
Nonprice Competition
Strategies used by companies to attract customers through style, service, or location rather than through lower prices.
Products
Goods or services offered by businesses to meet consumer needs and wants.
Competitive Firms
Companies that operate in a market where there are many buyers and sellers, such that no single entity can dictate the market price of goods and services.
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