Editing Monopolistic competition (section)

===Product differentiation===
MC companies sell products that have real or perceived non-price differences. Examples of these differences could include physical aspects of the product, location from which it sells the product or intangible aspects of the product, among others.<ref>{{Citation|last=Klingensmith|first=J. Zachary|title=Monopolistic Competition|date=2019-08-26|url=https://psu.pb.unizin.org/introductiontomicroeconomics/chapter/chapter-9-monopolistic-competition/|work=Introduction to Microeconomics|publisher=Affordable Course Transformation: The Pennsylvania State University|language=en|access-date=2020-11-01}}</ref> However, the differences are not so great as to eliminate other goods as substitutes. In technical terms, the [[cross price elasticity of demand]] between goods in such a market is large and positive.<ref name="Krugman 2009">{{cite book|last1=Krugman|last2=Wells|title=Microeconomics|edition=2nd|location=New York|publisher=Worth|year=2009|isbn=978-0-7167-7159-3}}</ref> MC goods are best described as close but imperfect substitutes.<ref name="Krugman 2009"/> The goods perform the same basic functions but have differences in qualities such as type, style, quality, reputation, appearance, and location that tend to distinguish them from each other. For example, the basic function of motor vehicles is the same—to move people and objects from point to point in reasonable comfort and safety. Yet there are many different types of motor vehicles such as motor scooters, motor cycles, trucks and cars, and many variations even within these categories.