To maximize its profit a monopolistically competitive firm would set marginal revenue to be equal to marginal cost.
<h3>What is a monopolistically competitive firm?</h3>
Monopolistically competitive firm is the description of the type of firm that exists in the market that have other firms that are having and offering similar products in the market.
The products may be similar but they are not identical. As a rule this type of market has to set MR = MC.
The difference between these firms and the true Monopoly is that this kind of firmss do not have the power to curtail supply so as to increase the prices in the market so they can raise their profits.
They do not have barriers to entry and the kind of profits that are made here are what we call normal profits. They are not price takers.
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