A market situation when firms sell similar but not identical products is termed as ........

Indian Economy (CDS) Introduction

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A market situation when firms sell similar but not identical products is termed as

perfect competition

imperfect competition

monopolistic competition

oligopoly

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Explanation:

Monopolistic competition is a type of imperfect competition such that many producers sell products that are differentiated from one another (e.g. by branding or quality) and hence are not perfect substitutes. In other words, large sellers selling the products that are similar, but not identical and compete with each other on other factors besides price.