This concept is important for economist to study and for individuals, households and firms to utilize because it is in our benefit to know all the different types of markets. The monopolistic competitive market is a great example that illustrates how firms entering and exiting the market affects not just seller but buyers. The many factors that allows shifts in the demand curves, which allow us to identify patterns to see if we are economically stable. Monopolistic Competition is part of our daily life and a major contributor in our decision making to make certain purchases. Whether we want to accept it or not, we live in a society where competition exists especially in businesses, it is crucial that we use the information available to us that can really make a difference in our purchases.