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Monopolistic competition is a common market structure where many competing producers sell products that are differentiated from one another (that is, the products are substitutes, but are not exactly alike). Many markets are monopolistically competitive; common examples include the markets for restaurants, cereal, clothing, shoes, and service industries in large cities. The "founding father" of the theory of monopolistic competition was Edward Hastings Chamberlin in his pioneering book on the subject Theory of Monopolistic Competition (1933).

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Monopolistic competition is a common market structure where many competing producers sell products that are differentiated from one another (that is, the products are substitutes, but are not exactly alike). Many markets are monopolistically competitive; common examples include the markets for restaurants, cereal, clothing, shoes, and service industries in large cities. The "founding father" of the theory of monopolistic competition was Edward Hastings Chamberlin in his pioneering book on the subject Theory of Monopolistic Competition (1933).