Which of the following statements accurately describe characteristics of monopolistic competition? Select all that apply.

Monopolistic competition is a market structure where many companies sell products that are similar but not identical. This means that each company has some control over its prices because their products have unique features or branding that attract customers. For example, think of different coffee shops; they all serve coffee, but each has its own special blend, atmosphere, or service style that makes it unique. In monopolistic competition, firms compete on quality, price, and marketing, leading to a variety of choices for consumers. However, because there are many sellers, no single company can dominate the market like in a monopoly.