1. Conditions for monopolistic competition The following question asks you to analyze the monopolistically competitive market structure, which has some characteristics of both a monopoly and a competitive market. Complete the following table by selecting whether each of the listed attributes describes a competitive market, a monopolistically competitive market, both, or neither. Check all that apply. Attributes Competitive Market Monopolistically Competitive Market Many sellers O Free entry Price equals average total cost in the long run Marginal revenue is equal to price