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an industry characterized by many firms, producing similar but differentiated products, in a market with easy entry and exit is called

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Monopolistic competition is an industry that is categorized by many firms that produce similar but differentiated products and have easy entry and exit.

In this type of industry, there will be firms that offer competing products and services. These products and services may not be the exact substitute but they will be similar. The barriers to monopolistic competition firms are low. The decision taken by one firm does not affect the decision taken by the other firm.

The competing firms in this industry differentiate themselves based on marketing and pricing decisions. This type of competition exists between monopoly competition and perfect competition and combines some elements of both. Clothing, Hair salons, and Restaurants are examples of industries with monopolistic competition.

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