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If the market has small firms selling products that are slightly different from one another this is called: monopolistic competition.
Monopolistic competition can be defined as a form of competitive market which has different manufacturers selling products or goods and service that are not similar or that are a little bit different from each other.
In this type of market many producers can sell their products reason being that their is no any form of limitation or barriers to entry the market.
Inconclusion if the market that has no barriers to entry and many small firms selling products this is called:monopolistic competition.
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