This condition is known as Monopolistic condition.
What is Monopolistic Condition ?
Monopolistic competition is a sort of imperfect competition when numerous manufacturers compete with one another yet sell various items that are not exact substitutes for one another.
- A marketing phrase called monopolistic competition is used to describe the competition between two or more businesses or manufacturers who sell comparable items with minor variances.
- Each item offered by each rival is not a perfect replacement for the other.
- Based on the selling price of the opposing company, the two businesses can come to an agreement on a certain selling price.
- As a result, monopolistic competition is the type of marketing plan from the aforementioned example.
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