There is some, but not complete, control over product price for firms operating in a monopolistically competitive market because there are a large number of firms.
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What distinguishes a completely competitive market from a monopolistic one?</h3>
In contrast to perfectly competitive enterprises, which produce homogenous goods, monopolistically competitive firms create differentiated goods. As a result, regardless of the cause of the product differentiation, monopolistically competitive enterprises are able to exert some control over price.
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What is monopolistic imperfect competition?</h3>
It is known as imperfect (monopolistic) competition for this type of market structure. In contrast to perfectly competitive enterprises, which produce homogenous goods, monopolistically competitive firms create differentiated goods.
<h3>Why are monopolistic businesses able to regulate product prices?</h3>
As a result, regardless of the cause of the product differentiation, monopolistically competitive enterprises are able to exert some control over price. The monopolistically competitive corporation functions as a price-searcher because it somehow distinguishes its product from that of its rivals.
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