A market situation when many firms sell similar but not identical products is termed as
perfect competition
imperfect competition
monopolistic competition
oligopoly
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This question was previously asked in
UPSC CDS-1 – 2019
– Products are similar but not identical (differentiated).
– Characterizes monopolistic competition.
– Oligopoly: Few firms, products can be identical or differentiated.
– Imperfect competition: A general term encompassing market structures where perfect competition does not hold, including monopolistic competition, oligopoly, and monopoly.