Which of the following statemWhen a profit-maximizing firm in a monopolistically competitive market charges a price higher than marginal cost, a. society benefits due to the firm's excess capacity. b. the firm must be earning a positive economic profit. c. the firm may be incurring economic losses. d. new firms will enter the market in the long run.ents is not correct? a. Monopolistic competition is different from monopoly because monopolistic competition is characterized by free entry, whereas monopoly is characterized by barriers to entry. b. Monopolistic competition is different from oligopoly because each seller in monopolistic competition is small relative to the market, whereas each seller can affect the actions of other sellers in an oligopoly. c. Both monopolistic competition and oligopoly fall in between the more extreme market structures of competition and monopoly. d. Both monopolistic competition and perfect competition are characterized by product differentiation