MONOPOLISTIC COMPETITION: A market structure characterized by a large number of small firms, similar but not identical products sold by all firms, relative freedom of entry into and exit out of the industry, ...
A contestable market is a market structure where there is freedom of entry and exit. It is a market structure which must have low sunk costs (non recoverable costs e.g. advertising).
market structure of an inÂdustry in which there are many firms and freedom of entry and exit but in which each firm has a product somewhat differentiated from the others, giving it some control over its price. Or 2.
Definition: A market made up of a large number of firms producing identical products with total freedom of entry to and exit from the market e.g. wheat.
Related glossary term:
Perfect competition ...
All firms have a relatively small market share.
4. Buyers know the nature of the product being sold and the prices
charged by each firm.
5. The industry is characterized by freedom of entry and exit.
are a large number of buyers and sellers, a homogeneous (similar) good or service, an equal awareness of prices and volume, an absence of discrimination in buying and selling, total mobility of productive resources, and complete freedom of entry.
 See also: Perfect competition, Tip, Feedback, Small firms, Population
  
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