When businesses can promote different features of their products and consumers are willing to pay more for products containing the features they desire, the competitive environment is probably

Monopolistic competition can promote different features of their products and consumers are willing to pay more for products containing the features that they desire.

Explanation:

Here many firms create similar products but they are not a substitute of any other. This combines monopoly and competitive market It is a form of "imperfect competition" This has emerged because the product developed by different people target the same set of audience by providing few differentiation.

Examples of monopolistic competition:

The restaurant business Consumer services General specialist retailing Hotels / Pubs./

Advantages:

Greater ability to fund Research & Development

Disadvantage:

Higher price Fewer incentives