212 Glossary: Monopolistic Competition

differentiated product
a product that is perceived by consumers as distinctive in some way
imperfectly competitive
firms and organizations that fall between the extremes of monopoly and perfect competition
monopolistic competition
many firms competing to sell similar but differentiated products
when a few large firms have all or most of the sales in an industry


Icon for the Creative Commons Attribution 4.0 International License

Microeconomics Copyright © by Lumen Learning is licensed under a Creative Commons Attribution 4.0 International License, except where otherwise noted.

Share This Book