Unlike a monopolistically competitive market,firms in a perfectly competitive market:

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Firms in a perfectly competitive market produce homogeneous goods, meaning all goods are identical in nature and quality. In contrast, monopolistically competitive firms can produce differentiated goods, allowing firms to differentiate themselves from competitors and potentially charge a higher price. Equating marginal cost and marginal revenue is a characteristic of profit-maximizing behavior in both perfectly competitive and monopolistically competitive markets, and firms in both markets do not have entry or exit barriers. However, setting price greater than marginal cost is not characteristic of perfectly competitive firms, as prices are determined by market forces and not controlled by individual firms.

Unlike a Monopolistically Competitive Market,firms in a Perfectly Competitive Market