compare and contrast the model of Monopolistic Competition with each of Perfect Competition and Monopoly. You could even construct a table or chart if that approach seems useful.

• Specifically, what does monopolistic competition have in common with the model of perfect competition?
• How is monopolistic competition different from perfect competition?
• What does monopolistic competition have in common with the model of monopoly?
• How is monopolistic competition different from monopoly?

Be sure to also include in your answers the ways in which thelong-runequilibrium of monopolistic competition compares to each of perfect competition and monopoly in the long run.