In monopolistic competition and monopoly firms earn economic profits in the long run. (Option C).
When several producers compete with one another while selling different products that are not precise alternatives for one another, the situation is known as monopolistic competition.
Finally, monopolistic competition develops when many companies offer rival products or services that are similar but flawed alternatives. The barriers to entry are low in monopolistic competitive industries, and decisions made by one firm do not immediately affect those of its competitors.
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