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Indian Economy - Understanding the basics of Indian economic system
A market situation when firms sell similar but not identical products is termed as
perfect competition
imperfect competition
monopolistic competition
oligopoly
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.
By: Ketan Garg ProfileResourcesReport error
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