Discover how monopolistic markets like utilities function in the U.S. Learn about the historical and modern monopolies that shape today's economy and prices.

Monopolistic competition features many businesses offering similar, differentiated products. This market structure benefits both consumers with varied choices and businesses via low entry barriers.

First used in the 1930s by economists Edward Chamberlin and Joan Robinson, the term "monopolistic competition" refers to a market structure in which many businesses provide a product or service, but ...