Monopolistic Competition

Monopolistic Competition
Monopolistic Competition structure contains elements of both monopoly and competition. It is a market in which many products that are substitutes but are not viewed as identical by consumers. Because the products of different suppliers differ slightly.
For example- Some convenience stores are closer to you than others.
    The demand curve for each is not horizontal but slopes downwards.
Each supplier has some power over the price it can change. So, the firms that populate this market are not price takers as they would be under perfect competition, but are price makers. All price makers face a downward sloping demand curve.
Reference- Book –Micro Econ
By-Willam A. McEachern, Simrit kaur