How are the monopolistically competitive producer and the monopolist different?
a. The monopolist has zero barriers to entry and exit, but the monopolistically competitive producer has many such barriers.
b. The monopolist has an upward-sloping demand curve, but the monopolistically competitive producer has a horizontal demand curve.
c. The monopolist can make economic profits in the long run, but the monopolistically competitive producer cannot.
d. The monopolist has many competitors, but the monopolistically competitive producer does not.
c. The monopolist can make economic profits in the long run, but the monopolistically competitive producer cannot.
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What will be an ideal response?
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