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Monopolistic competition is a market structure that combines elements of both perfect competition and monopoly. It was first formally analysed by Edward Chamberlin (1933) in The Theory of Monopolistic Competition and independently by Joan Robinson (1933) in The Economics of Imperfect Competition. Many real-world markets — from restaurants and hairdressers to clothing brands and coffee shops — resemble monopolistic competition more closely than either of the extreme models.
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