How are a typical monopolistically competitive firm and a typical perfectly competitive firm alike?

Question

Quizplus · Accepted Answer

Both monopolistically competitive firms and perfectly competitive firms experience zero economic profits in the long run. In perfect competition, firms earn only enough revenue to cover their costs, while in monopolistic competition, firms differentiate their products to create a perceived difference and charge a higher price for that perceived difference. However, in the long run, other firms will enter the market with similar products, eroding any perceived difference and driving down prices and profits. Thus, both types of firms earn zero economic profits in the long run.

How Are a Typical Monopolistically Competitive Firm and a Typical