The most common form of competition is where many firms compete for customers in a given market but with differentiated products.

monopolistic competition

Explanation:

A monopolistic competition is a market where there are many sellers selling differentiated goods and services.

A monopolistic competition is similar to both a perfect competition and a monopoly.

An example of a monopolistic competition is a restaurant. There can be lot of resturants in an area but each resturants sell differentiated products with different recipes.

Monopolistic competition firms engage in non- price competition such as advertising.

They also engage in price competitions.

A monopolistic competition faces a downward sloping demand curve which indicates that quantity demanded is sensitive to price - the higher the price the lower the quantity demanded and the lower the price the higher the quantity demanded.

monopolistic competition firms usually set the prices at which to sell their goods and services.

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