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13.5: Glossary- Monopolistic Competition

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    249422
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    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
    oligopoly
    when a few large firms have all or most of the sales in an industry
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