In monopolistic competition, all firms have only a certain degree of market control. Unlike a monopolistic market, monopolistic competition offers very few barriers to entry. All companies can enter a market if they wish. In monopolistic competition, there is very little product differentiation. Products in monopolistic competition are close substitutes, but have some distinct characteristics such as branding. In a monopolistic competitive market, firms always set a price above their marginal cost, which means that the market can never be productively or allocatively efficient. In my opinion, a monopolistic competitive market would be better for the well-being of the economy because consumers would be able to find lower prices, there would be a greater variety of products available to consumers and there would be greater efficiency and