Business, 26.11.2019 06:31 Soccermen1021

What is one difference between a firm in a perfectly competitive industry and a firm in a monopolistically competitive industry?
a) a monopolistically competitive firm does not face a downward-sloping demand curve.
b) a monopolistically competitive firm faces competition from firms producing close substitutes.
c) a monopolistically competitive firm is guaranteed to make more than normal profits in the long run.
d) a monopolistically competitive firm does not choose a level of output where marginal cost is equal to marginal revenue.

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