1/ How does a monopolistically competitive firm similar to a monopoly?

Group of answer choices

Faces a downward-sloping demand curve.

Faces high barriers to entry.

Can restrict output to increase price (at least in the short run).

Can make profits or losses in the short run.

Makes economic profits in the long run.

Has one seller.

Produces where P > MR = MC.

2/ How does a monopolistically competitive firm similar to a perfectly competitive firm?

Group of answer choices

Faces a perfectly elastic demand curve.

Produces output that is identical.

Produces where P = MR = MC.

Makes zero economic profit in the long run.

Can make profits or losses in the short run.

Has many sellers.