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.

Perfectly Elastic

Describes a situation in demand or supply where the quantity demanded or supplied changes by an infinite amount in response to any change in price.

Monopolistically Competitive

Referring to 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 firm is the sole producer for a product or service, with no close substitutes, giving it significant market power.