James a Pierce college student alleges that there are four differences between monopolistic competitors and monopolists, as follows. Which of these alleged differences is false? Group of answer choices There are many firms in monopolistic competition and only one in monopoly. The monopolist may make a profit in the long run whereas the monopolistic competitor will not. A monopolist would never react to the imposition of a tax on its product by reducing its price, but a monopolistic competitor might. Price discrimination is less common with monopolists than with monopolistic competitors