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The difference between a perfectly competitive firm and a monopolistically competitive firm is that a monopolistically competitive firm faces a
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The difference between a perfectly competitive firm and a monopolistically competitive firm is that a monopolistically competitive firm faces a

User JosMac
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1 Answer

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Answer:

Downward sloping MR curve

Step-by-step explanation:

A monopolistically firm faces a downward-sloping marginal revenue curve while a perfectly competitive has the horizontal MR curve that is parallel to the x-axis. Moreover, the price is determined by the market forces in the industry for a perfectly competitive firm. But in the case of monopolistically competitive firm, the price is determined by the seller or monopolist.

User Shiva Wu
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