2015•Wiley Encyclopedia of ManagementRequires access
Monopolistic Competition
Kostas Axarloglu
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Abstract
Abstract Monopolistic competition is a market structure characterized by a large number of companies where every company has some market power with respect to its products. The concept was initially introduced by Edward Chamberlin (1933) in order to study deviations in terms of prices and the number of companies in the market from the perfectly competitive market structure.