In the long run, how is price related to marginal cost in both perfect competition and in monopolistic competition? Group of answer choices The long-run price is driven to marginal cost in both competitive markets and markets that are monopolistically competitive. Both markets can charge more than marginal cost in the long run because products are differentiated in both markets. Because monopolistically competitive firms have market power, they set a price higher than marginal cost, while perfectly competitive firms cannot. Products are identical in perfectly competitive markets, so a firm must charge less than marginal cost in order to differentiate itself. This is not true in monopolistically competitive markets where firms can charge more than marginal cost.