Which of the following is not a difference between perfect competition and monopolistic competition? O The monopolistic competitor faces a downward sloping demand curve. O Mark up over marginal cost. O Long run economic profit. O Excess capacity. Which of the following goods is most likely to be sold in a monopolistically competitive market? O Smart Phones O Wine O Electricity O Corn Which of the following conditions is possible for a monopolistically competitive firm in the short-run? O MC = ATC O P