What is the primary difference between a monopolistically competitive firm and a monopoly?

Question

Quizplus · Accepted Answer

The primary difference between a monopolistically competitive firm and a monopoly is the ability for competition to enter the market in the long run. In monopolistic competition, new competitors can enter the market if they see an opportunity, whereas in a monopoly, barriers to entry prevent new competitors from entering the market.

What Is the Primary Difference Between a Monopolistically Competitive Firm