Answer:
Monopolistic competition is a type of competition that occurs in a competitive market without identical producers.
Explanation:
The type of competition that occurs in a competitive market without identical producers or suppliers is known as monopolistic competition.
Monopolistic competition occurs in an industry with many producers offering similar but non-identical products.
Major characteristics of monopolistic competition include:
Thus, the type of competition that occurs in a competitive market without identical producers or suppliers is known as monopolistic competition.
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