as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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explain the concept of monopolistic competition
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monopolistic competition is a market structure in which firms produce similar, but slightly differentiated products and face limits to the extent of their market power and price setting. firms have some control over price and production levels and can influence them through product marketing and product differentiation.
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