11:07 am: between monopoly and perfect competition. Perfect competition, monopolistic competition and monopoly all maximize profits at. Monopolistic competition and monopoly are not price takers and p > mc. Monopolistic competition allows entry in the long run but cannot earn economic profit. Oligopoly: market structure in which only a few sellers offer similar or identical products. Monopolistic competition: market structure in which many firms sell products that are similar but not identical. Many sellers: firms competing for the same group of buyers. Makes firms not a price taker with a downward sloping demand curve. Competition with differentiated products: the monopolistically competitive firm in the short run. Each firm follows monopolist"s rule: produce where marginal revenue equals marginal cost. Loss: price < atc: the long-run equilibrium. Firms making profits encourages other firms to enter the market, which shifts the demand curve to the left because there are more options.