A market situation with a larger number of firms selling closely related but, differentiated products is
Answer Details
A market situation with a larger number of firms selling closely related but differentiated products is known as monopolistic competition. In this market structure, each firm has some control over its price due to product differentiation, but there is also a degree of competition as there are substitutes available. This market structure is characterized by easy entry and exit, as well as non-price competition such as advertising and product differentiation.