An important similarity between a monopolistically competitive firm and a pure monopolist is that both:

A) realize an economic profit in the long run.
B) achieve allocative efficiency.
C) face demand curves that are less than perfectly elastic.
D) achieve productive efficiency.

Monopolistically Competitive

A market structure where many firms sell products that are similar but not identical, allowing for some degree of market power.

Pure Monopolist

A market structure where a single seller dominates, facing no competition in selling its products or services.

Economic Profit

The difference between a firm's total revenues and its total costs, including both explicit and implicit costs, indicating the firm's overall financial gain.