The Major Difference Between Monopolistic Competition and Monopoly Is

Multiple Choice

The major difference between monopolistic competition and monopoly is

A) monopoly is a price setter, and a firm in monopolistic competition is a price taker.
B) only a monopoly can make an economic profit in the long run.
C) only a firm in monopolistic competition can make an economic profit in the short run.
D) how the quantity of output is determined.
E) only firms in monopolistic competition are protected by barriers to entry.