Final answer:
A monopolistically competitive firm has some control over the price of its product, unlike a perfectly competitive firm.
Step-by-step explanation:
A significant difference between a monopolistically competitive firm and a perfectly competitive firm is that the monopolistically competitive firm has some control over the price of its product. In a monopolistically competitive market, each firm produces a slightly differentiated product, which gives them some degree of market power. They can utilize product differentiation, marketing strategies, and brand loyalty to influence consumer demand and set a higher price for their product compared to a perfectly competitive firm.