Which term describes the purely competitive market structure where many buyers are trying to satisfy a similar need with uniquely branded products from a relatively large number of sellers (e. g., sports-drinks)?

monopolistic competition                          

Explanation:

Monopolistic competition refers to the characteristic of a sector in which several companies offer similar but not flawless replacements for products. Barriers to entry as well as an exit in such a competitive monopoly sector are minimal, and any company's judgments have no direct impact on those of its rivals. Monopolistic competition is strongly linked to the mark distinguishing corporate strategy.

The monopolistic rivalry is a middle way among monopoly with perfect competition, mixing individual elements. Both companies have the same, comparatively low level of market dominance in monopolistic competitiveness; they are all value-makers. The demand is strongly elastic throughout the long run, implying it is vulnerable to price movements            

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