u Find an example of a monopolistically competitive company and explain how well the rm meets the characteristics of monopolistic competition in the real world. . Many firms. . Freedom of entry and exit. . Firms produce differentiated products. . Firms have price inelastic demand; they are price makers because the good is highly differentiated . Firms make normal profits in the long run but could make supernormal profits in the short term . Firms are allocationy and productively inefficient