In Monopolistic Competition, unlike Pure Competition, it is possible to have an Economic profit ("Big Fat Profit") and keep up that profit in the long-run. What are the differences between Monopolistic Competition and Pure Competition that allow this to happen? Please explain how and why these differences allow for sustained Economic Profits in some cases of Monopolistic Competition (for example Tabasco Pepper Sauce). What asset or property does a company with sustained Economic Profit usually have? How would you put a value on that asset or property?

Extra Credit (up to 5 points) In Monopolistic Competition, unlike Pure Competition, it is possible to have an Economic profit ("Big Fat Profit") and keep up that profit in the long-run. What are the differences between Monopolistic Competition and Pure Competition that allow this to happen? Please explain how and why these differences allow for sustained Economic Profits in some cases of Monopolistic Competition (for example Tabasco Pepper Sauce). What asset or property does a company with sustained Economic Profit usually have? How would you put a value on that asset or property? Please read this question again before answering. Type your answers and explanation here:Extra Credit (up to 5 points) In Monopolistic Competition, unlike Pure Competition, it is possible to have an Economic profit ("Big Fat Profit") and keep up that profit in the long-run. What are the differences between Monopolistic Competition and Pure Competition that allow this to happen? Please explain how and why these differences allow for sustained Economic Profits in some cases of Monopolistic Competition (for example Tabasco Pepper Sauce). What asset or property does a company with sustained Economic Profit usually have? How would you put a value on that asset or property? Please read this question again before answering. Type your answers and explanation here