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Monopolistic Competition is the competitive macroenvironment that does many athletic shoe manufacturers, including Nike, new balance, Adidas, and more recently, under armor, which vigorously compete with one another for consumers.
When a large number of businesses provide rival goods or services that are comparable but imperfect alternatives, monopolistic competition exists.
A monopolistic competitive industry has minimal entry requirements, and decisions made by any one firm do not immediately affect those of its rivals. The pricing and marketing choices made by the rival companies serve as their points of differentiation.
Between a monopoly and perfect competition, monopolistic competition exists, combines aspects of both, and includes businesses with comparable but distinct product offerings.
In monopolistic competition, numerous businesses can enter the market and fight with one another for market share. This prevents one company from controlling the entire industry.
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