Final answer:
Monopolistically competitive industries feature product differentiation, low barriers to entry, and a degree of price control.
Explanation:
A monopolistically competitive industry is characterized by product differentiation, where firms offer slightly different products to attract customers. Unlike monopolies, monopolistically competitive industries have easy entry and exit with low barriers to entry. Additionally, these industries allow a degree of price control as each firm can set its own price based on its differentiated product.
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