Monopolistic rivalry is the most prevalent type of competition, in which numerous businesses compete for clients in a specific market while offering unique products.
Monopolistic competition occurs when numerous companies offer comparable but subpar alternatives to each other's goods or services.
The barriers to entry are low in monopolistic competitive industries, and decisions made by one firm do not immediately affect those of its competitors. Competitor companies differentiate themselves from one another through their pricing and marketing strategies.
Monopolistic competition, which lies between a monopoly and perfect competition and incorporates elements of both, consists of companies with similar but different product offerings.
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