A large difference between a monopolistically competitive firm and a monopoly is:

Question

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The ability for competition to enter the market in the long run is a key difference between monopolistically competitive firms and monopolies. In the long run, a monopolistically competitive firm will face increased competition, whereas a monopoly will be able to maintain its market power and continue to earn economic profits without fear of competition.

A Large Difference Between a Monopolistically Competitive Firm and a Monopoly