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प्रश्न
Which type of market structure is the following? Give reason.
Lipstick
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उत्तर
The market structure for lipstick is monopolistic competition.
Reason:
Many suppliers in the lipstick market provide similar items that differ in terms of brand, colour variety, quality, packaging, and price. Maybelline, L'Oréal, MAC, and Revlon compete by differentiating their products through marketing, packaging, and distinct characteristics. This variety and competition among multiple enterprises with varied products are hallmarks of monopolistic competition.
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