What do you mean by monopolist compitation?

Monopolistic competition is a market structure characterized by many firms competing with products that are differentiated from one another, allowing them to have some degree of market power. Firms in this market can influence prices but face competition from similar products, which limits their ability to set prices too high. This type of competition combines elements of monopoly, where individual firms have some control over their pricing, and perfect competition, where many firms exist, ensuring a variety of choices for consumers. Examples include markets like restaurants or clothing brands, where each offers unique features or branding.