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Monopolistic competition means:
A) a market situation where competition is based entirely on product differentiation and advertising.
B) a large number of firms producing a standardized or homogeneous product.
C) many firms producing differentiated products.
D) a few firms producing a standardized or homogeneous product

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Answer: Option C

Explanation: In a monopolistic competition market structure, there are many producers selling their products and each product is not a perfect substitute of the other.

The number of producers are large but each operate at a relatively smaller level. The products offered in the market are similar but not identical.

Hence, from the above explanation we can conclude that option C is correct.

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