Partial Question 4 1 / 2 pts How does a monopolistically competitive firm similar to a monopoly? O Faces high barriers to entry. Can make profits or losses in the short run. O Makes economic profits in the long run. O Produces where P > MR = MC. Faces a downward-sloping demand curve. O Has one seller. O Can restrict output to increase price (at least in the short run). Partial Question 5 0.67 / 2 pts How does a monopolistically competitive firm similar to a perfectly competitive firm? Makes zero economic profit in the long run. O Has many sellers. Can make profits or losses in the short run. O Faces a perfectly elastic demand curve. O Produces where P = MR = MC. Produces output that is identical