1. Conditions for monopolistic competition Consider the monopolistically competitive market structure, which has some features of a perfectly competitive market and some features of a monopoly. Complete the following table by indicating whether each attribute characterizes a perfectly competitive market, a monopolistically competitive mark both, or neither. Check all that apply. Attributes Perfectly Competitive Market Monopolistically Competitive Market Product differentiation O O Zero economic profit in the long run O Few sellers O 0 Freedom of entry and exit O O Grade It Now Save & Continue Continue without saving