1. Conditions for monopolistic competition Consider the monopolistically competitive market structure, which has some features of a competitive market and some features of a monopoly. Complete the following table by indicating if each attribute characterizes a competitive market, a monopolistically competitive market, both, or neither. Check all that apply. Competitive Monopolistically Competitive Attributes Market Market Price taker O O Price equals average total cost in the long O O run Free entry O O Price is equal to marginal revenue O O